It always makes sense for a buyer of Indianapolis area real estate to have mortgage pre-approval taken care of before spending time looking at homes.  In some situations, a seller might be willing to wait for mortgage approval.  But whenever the bank is a seller, there is no question about it.  You must be pre-approved.  With one exception:  if you are going to pay cash, you need verification of funds.

Banks want to sell their foreclosed homes quickly.  They don't want to wait while some lender is processing employment and credit references.  In fact it is quite possible that failure to get pre-approved might mean failure to get that great home that the buyer wanted at an excellent value.

In the case of Indianapolis HUD Homes, they need for all buyers to have a letter from a lender stating that based upon the information in your credit report and based upon information on your application that you are qualified for a mortgage on your proposed Indianapolis real estate purchase.  If you have any interest in owning a HUD Home, you must take care of this at the beginning of the process.

 If your lender has questions, have them call me.  I can go over the process with them.  If you have questions about buying a foreclosure, let's talk about the possibilities and opportunities.  You can get started in the information seeking proecess by visiting this website about Indianapolis foreclosures and HUD Homes.   For a visual preview you can visit indyHud.com.  This is a service provided by Dan Rosenberger of the Real Estate Finders Team at Harvest Realty.  The direct telephone number is 1-317-709-2537.