Edmonton real estate seems like a complex and tedious industry to the uninitiated, that’s why simple facts often times get twisted and tangled, the resulting chaos in information gives birth to fictional narratives that further add complication to the mind of most Edmontonians.
Today, Team Leading Edge dares to straighten 2 Edmonton real estate fictions in order to bring clarity to the consciousness of all those willing to learn.
FICTION 1: LOAN PREQUALIFCATION & PRE-APPROVAL ARE IDENTICAL
No, it’s not! Edmontonians confuse the two as being one and the same. They think once they get prequalified, they’re also already preapproved. Here’s the reason why this is pure fiction.
- LOAN PREQUALIFICATION: Investopedia defines prequalification as “… the initial step in the mortgage process, and it's generally fairly simple. You supply a bank or lender with your overall financial picture, including your debt, income and assets. After evaluating this information, a lender can give you an idea of the mortgage amount for which you qualify.”
It’s simply the approximate calculation of how much you can afford.
- LOAN PRE-APPROVAL: This is the second-step in the mortgage process. After being prequalified, the bank or lender will ask for financial documents such as bank statements, tax returns, proof of income, etc. Upon receipt of these documents, the bank or lender will then scrutinize every detail to make 100% sure that you are not a risk and can really pay off a loan.
If you’re on the selling side, it is best to require the buyer to submit a loan preapproval than a prequalification.
FICTION 2: ALL EDMONTON REAL ESTATE AGENTS ALIKE
As no man or woman are born equal and so is the premise the same to Edmonton real estate agents. On the selling side, not all real estate agents have the competence to successfully execute a fast and efficient marketing plan. Some would just plant a “For Sale” sign on the lawn, plug it in on the Edmonton MLS listings and pray to their God that somebody buys it. Most don’t even know what SEO is!
What separates a newbie from a pro is their ability to properly expose the property on and off the internet. A real pro can get a home sold within 30-days at any given month or industry cycle. When looking for a real estate agent to help sell your Edmonton home, ask for their track record.
For more about choosing a good real estate agent, check out our previous post: 4 THINGS TO DO WHEN SELECTING AN EDMONTON REAL ESTATE AGENT
The buying side of the business, the main dividing factor between the pros and the newbies is the capacity and power to show buyers a property. The real estate industry is a fast moving one and most people always have a hectic schedule. A competent agent will successfully coordinate a schedule to accommodate any and all buyers. Part-time agents are terrible at this. (Sorry guys, but its true!)
If you will still believe the fictional thought that all real estate agents are the alike, then you’ll going to have a really bad time.
The things we mentioned above are just two of the most popular fictions. We could write a whole book discussing each and every fictional narrative there is.
The main point we want to assert is that it is essential to analyze information and try to find evidence before making a conclusion. The internet is filled with a treasure throve of information (and misinformation) so you’ll never run out of resources. Good luck!
Note: Remember, you can access all our available Homes For Sale in Edmonton through our Edmonton MLS Listings page.
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