already considered their options and will be able to decide much faster. Have you already been pre-qualified or pre-approved by a lender? Let me explain the difference between a pre-qualified buyer and a pre-approved buyer. Knowing the difference will save you time in the offer phase of the contract. A pre-qualified buyer has met with a lender, who will gather information from the buyer and request certain documents in the loan process. The loan cannot be approved until it has gone through the loan process. The loan processor verifies all the data and information the lender receives from the buyer. The loan is not approved until the Underwriter has located an investor or bank that will fund the loan. Only then is the loan approved. A pre-approved buyer is fully approved and is ready to close. So, a pre-approved buyer is like a cash buyer. All that is all of the required inspections. This can be presented as either a question or a statement. Try phrasing it as a statement such as, “If you are interested in purchasing my home, I would like for you to be pre-approved before you make an offer.” Knowing whether or not your buyer has been pre-approved will show you just how serious this buyer is. You will also be able to determine whether or not they will be qualified to purchase the home from you. If not, tread carefully; you must adjust the contract to fit their status. If the buyer is not qualified, it’s best to scratch them out of the equation entirely. You do not want to get involved with a legal process that ties your home in legal limbo while loan qualifications are sorted out. This will prevent you from showing any other potential buyers if this specific buyer is not qualified
83
Powered by FlippingBook