Should I Get Preapproved Before Buying Land?
Land Loans Question: Should I get preapproved before finding that perfect property to buy? Answer: YES! There are definite advantages to getting preapproved for a land loan. The number one reason: Money Talks! ! Coming to a seller with a preapproval for financing can allow you to negotiate a lower buying price. Why? When a seller knows the buyer has guaranteed financing, he knows the closing process will be faster and smooth which ultimately puts the money in the pocket sooner. The guarantee of a quick closing with guarantee of money to a buyer usually justifies a reduction in price. Land purchases, large or small, have a lot of detailed and time consuming steps that must be done in order to complete the sales agreement. ...
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