The answer is yes, Yes and YES. Getting loan approval to buy a San Mateo County condominium is far, far more complicated and time consuming. Not only must you be credit approved by the lender, but the condo must be appraised and the condominium complex must be approved. If you are credit approved, the lender can concentrate on the unit and the complex. Getting the unit appraised is quite straight forward; however getting the complex approved can be a much more difficult process, if it happens at all.
Obtaining pre-approval from a bank can be a daunting process. It is time consuming and demands great attention to detail with names, addresses and account numbers required to satisfy the lender of your credit status.
Pre-Approval is the Most Important Step before Looking for a San Mateo County Condo
Loan pre-approval is, without any doubt, the most pressing matter before beginning your search for the right San Mateo County condominium. Proceeding without accomplishing this step can lead to angst; squandered time, misspent energy, and lost opportunities.
What Can Happen if I Don’t Get Pre-Approved Before Making an Offer on a San Mateo County Condo?
Without a pre-approval – a genuine pre-approval – you’ll be very likely facing the following pitfalls:
- Your offers will be rejected in favor of lower offers by pre-approved buyers
- Delays that can jeopardize your purchase while you await approval by your bank
- You waste your time on a San Mateo County condominium you can’t afford
- You could have missed out on a better San Mateo County condominium if you would have known what you could afford
San Mateo County Condo Buying Key: Get Your Lender Involved Early
Find a loan first and then find a San Mateo County condominium to buy. Get your lender involved early in the process – much before you ever write an offer. Remember your lender must obtain a satisfactory appraisal and approval of the San Mateo County condominium complex before they approve your loan. Be proactive; don’t take for granted that your loan will be approved. Work with a San Mateo condominium lending specialist for best results.
Search for San Mateo County Condos
Use the map below to search for condos in San Mateo County.
Looking to Buy a San Mateo County Condominium?
Check out our Buyer Representation page to learn a little bit about us and how we work. Then, call us at (650) 655-2500 or email info[@]RayChelRealtyGroup.com to schedule a no obligation, no hassle consultation. We’ll help you come up with a game plan to buy San Mateo real estate right.
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Raymond Stoklosa, Chela Stoklosa and Rebecca Williamson are Realtors with The RayChel Realty Group specializing in Santa Clara and San Mateo Real Estate.
Raymond Stoklosa, Broker/Co-Owner
Chela Stoklosa, Realtor/Co-Owner
