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THE PRE-APPROVED BUYER
BUYER'S BENEFITS
With a pre-approval, the buyer knows what price range he or she can and cannot
afford. This knowledge in advance prevents a person from falling in love with a
home that is not within his or her financial grasp. After looking at more
expensive houses, it can be a real disappointment to begin looking at lesser
properties that are affordable. The pre-approval allows the buyer to begin in
and stay in the correct price range when shopping.
SELLER'S BENEFITS
Whenever an offer is made, it is usually dependent upon the buyer obtaining
the necessary loan amount from a lender in order to complete the purchase. It
may take a few weeks or a month to find out if the buyer has been approved.
During this time, the house is off the market and not available to other
would-be-buyers. If the buyer is unable to qualify for adequate financing, the
seller loses the time that the house was off the market, and must begin again to
attract another buyer. If the buyer has been pre-approved, however, the seller
knows that this is a buyer who is indeed capable of completing the purchase.
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