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Home Sellers: Is your Buyer is Pre-Qualified vs Pre-Approved

May 17, 2017

 

This is a major question when it comes to listing a home. Buyer's Agents tend to submit pre-qualification letters with their offers. But what does this mean when attempting to use our Low Realtor Commission program?

 

Pre-Qualification Letter

 

This usually means that a RMLO (Residential Mortgage Loan Originator) has taken some information on the person and has determined their qualification price. This also means that some documents were collected to verify the buyer's income and most definitely their credit score.

 

Pre-Approval

 

This means that the RMLO has taken a Residential Loan Application that usually entails plenty of evidence needed to buy the home. The extra step is a very useful one, and it can give a clearer picture.

 

Why doesn't every Listing Agent ask for a Pre-Approval letter?

 

Because the formal Loan Application is a document with sometimes hundreds of pages. The process is so long, that the buyer usually needs to have a home in mind in order to continue the process. Lending is the biggest hurdle for a buyer, and it becomes an exhausting process. 

 

Do not confuse Approval with Pre-Approval

 

Pre-approval does not mean that the loan file is Approved. That status usually comes only days before closing and plenty of factors are needed in order to achieve it. This includes an appraisal and other supporting documents that involve the borrower and the house.

 

Hope this helps!

 

Will Puente, MBA

Real Estate Broker

Expert Way Realty

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