How much can your buyer afford? Ask the bank.
Taking buyers to view dream homes is a total waste of time until they know the level of mortgage financing they can secure with a preapproval, said Jonathan Miller, president and CEO of appraisal firm Miller Samuel, in an installment of Curbed’s Dropping Knowledge video series.
“There’s no way you should be looking at property until you know what you will be approved for,” Miller told Curbed, gently nudging would-be buyers away from perfect but out-of-budget properties. [Curbed] — Julie Strickland