Should
you be pre-approved or pre-qualified?
As
a potential buyer competing for a property, you'll
have a better chance of getting your offer
accepted by being as prepared as possible.
Consider this hierarchy of preparedness:
- 1.
Neither pre-qualified nor pre-approved
- 2.
Pre-qualified
The
benefits available at each level can be easily
understood when viewed from the seller's
perspective. Imagine you're a seller in receipt
of multiple 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, let's consider
the type of buyer you'd prefer to deal with. |
 Home Buying Section |
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