Knowing where to spend your time between pre-approved and pre-qualified buyers is key to saving you time and maximizing your home sale. A successful agent ensures that you are talking to pre-approved buyers. Why? Because pre-approved buyers have the financial backing to make an offer today and can save you time in the home selling process.
An offer from a pre-approved buyer can save days or even weeks off the closing process. If you are purchasing other property, this can result in huge savings, both in dollars and in aggravation and hassle.
When we assist sellers, we ensure we are dealing with offers from pre-approved buyers.
Pre-Qualification vs. Pre-Approval
A pre-qualified buyer has a potential lender who has determined how much he/she can borrow based only on information he/she has provided to the lender. No one has done the required verification to determine the buyer's true credit worthiness. This buyer still must fill out a loan application and go through the lender's approval process at a later date.
A pre-approved buyer has already secured funding from a lender. The lender has conducted a credit check and verification of employment and deposit. The lender's pre-approval is actually a commitment to lend the buyer up to a pre-determined amount.
Call or email The Davidson Team if we can be of any assistance!
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