Ask yourself, "If I was selling a very expensive item (a home) would I want to sell it to someone if I did not know for sure that they could pay for it?" Of course not!
A home seller is in the same position. Along comes a prospective buyer who wants the seller to sign a contract to sell his house. If the seller agrees he will be taking his house off the market for a period of time - several weeks perhaps - waiting to close the deal. If the deal not close because the buyer could not get a loan the seller has lost a lot of selling time. He may also have lost another truly qualified buyer who bought a different house in the meanwhile.
Everyone is familiar with the concept that "cash" buyers often get a better deal or "discount" than others. That's because the seller knows the money is good. When you are Pre-Approved you automatically become a "cash" buyer. Any mortgage lender will gladly review your financial picture and give you a written Pre. Usually there is no charge. Later, when you begin to negotiations, you are dealing from a position of strength. The seller is assured you can Close the deal!
|
|
kam