Why Get Pre-Approved?
- A pre-approval letter is more reliable and in-depth than a pre-qualification letter
- Homebuyers know how much money they can qualify to borrow, streamlining the house search
- Financially qualified buyers have more leverage to negotiate with a seller
- Pre-approval letters signal to real estate agents that a buyer is serious about purchasing a home
The importance of pre-approval letters is highlighted by instances of bidding wars, and open houses that have been closed down by police, or have had lines over a hundred deep waiting to have an opportunity to make an offer. While this may seem extreme, homebuyers with pre-approval letters are taken more seriously in a sea of multiple offers.
As buying becomes more affordable than renting, more potential homebuyers will be out in full force; creating fierce competition for the same listings. A pre-approval letter will not only strengthen an offer; it helps clients understand their buying potential and helps the real estate agent define the field of eligible properties that they can afford.
It's important to begin the search for a new home with a pre-approval letter in hand. Contact me today to get started!
Already pre-approved? Check out some Do's & Don'ts to protect your pre-approval!