Pre-Qualified Versus / Pre-Approved, When Purchasing A Home In North Atlanta
March 1st, 2015 categories: BUYERS only, Mortgage Information, Real Estate Forum
Looking for a home without being pre-approved?
As a potential buyer putting an offer in on a property, you’ll have a better chance of getting your offer accepted by being as prepared as possible.
The benefits of being pre-qualified and/or pre-approved can be easily understood when viewed from the seller’s perspective. Imagine you’re a seller in receipt of 2 offers to purchase your property. A complete stranger (buyer) is asking you to take your property off the market for at least the next two to three weeks while they apply for a loan.
As the seller, lets consider the type of buyer you’d prefer to deal with:
1-Neither pre-qualified nor pre-approved – This buyer provides no evidence that they can afford to purchase your property. You may wonder how serious they are since they’re not at least pre-qualified.
2-Pre-qualified – This buyer has met with a mortgage broker (or lender) and discussed their situation. The buyer has informed the broker regarding their income, expenses, assets and liabilities. The broker may also have seen their credit report. The buyer provided you with a letter from the broker stating an opinion of what the buyer can afford.
3-Pre-approved – This buyer has provided a broker written evidence of income, expenses, assets, liabilities and credit. A lender has verified all information. As a result, much of the paperwork for this buyer’s loan has been completed. This buyer will probably be able to close quickly. They provide you with a letter (pre-approval certificate) from the lender. You’re as certain as possible that this buyer can close.
As a potential buyer, you can see that being pre-approved will give you the best chance of getting your offer accepted. This is critical in a competitive situation. As a buyer, you never want to lose “The One” simply due to the fact, ducks were not in a row.
Feel free to Contact me, Deborah Weiner with RE/MAX ON MAIN, Contact Us for contact information in assisting you in getting pre-qualified and enjoying “Your Journey To Home”!
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