If I have a mortgage prequalification letter, why would the Seller ask me for a "preapproval" letter?

By
Real Estate Broker/Owner with Realty Arts

It's a tough market out there.  Sure is.  The Triangle is strong, but not immune to market forces.  Why make it worse for yourself as a Buyer?

Some folks think that they call the tune strictly because they call themselves "Buyers."   That's not enough!  Real "Buyers" bring credibility, also known as proof of "Dollars" to the table.  There are TWO parties to the transaction, and Sellers retain the right to sell, or to continue to own the property.

Sellers need assurance that you really can buy.  While their house is off the market for you, they lose other more qualified Buyers.  Your "prequal" letter may be too vague to convince the Seller to dance with you.  Some prequal letters are based merely on unconfirmed financial information gathered verbally from Buyers

An underwriter's preapproval letter is recent, includes lender contact information, and says your credit has been checked, your income verified, your bank statements reviewed, etc.  This can be a powerful tool in the Raleigh, Cary, and the greater Wake County real estate market.  Credibility may be all it takes for you to get what you want!

Reduce doubt for everyone!  Mortgage preapproval before you go home shopping documents your serious intent.  You are a credible Buyer, stronger than the person with only a vague "prequal" letter. 

Helping Sellers proceed with confidence just might be what truly makes you a "Buyer" and gets you into that dream home.

Posted by

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Scan the QR Code with your Smartphone to Email MeQR CodeMike Jaquish, REALTOR®

919-880-2769 www.RealtyArts.com

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Independent Broker/Owner, Realty Arts

130 Towerview Court,

Cary, NC

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Rainmaker
640,298
Marchel Peterson
Results Realty - Spring, TX
Spring TX Real Estate E-Pro

Mike, I just had some buyers that finally got themselves pre-approved and called me and said "okay can we place an offer now".  I guess I got the point across but a seller just doesn't want to mess with a buyer that is iffy. 

Jun 03, 2008 10:38 PM #1
Rainmaker
769,627
Mike Jaquish
Realty Arts - Cary, NC
919-880-2769 Cary, NC, Real Estate

Marchel,

Right.  And it can be a tough message to convey to Buyers.

It seems that folks have to lose one house, or even two, they really want before they lock onto target and do the things they need to do.

Jun 03, 2008 10:42 PM #2
Rainmaker
239,575
Gene Allen
Fathom Realty - Cary, NC
Realty Consultant for Cary Real Estate

Even in this market sellers are tough on the quals or at least the agents are.

Jun 04, 2008 07:42 PM #3
Rainmaker
769,627
Mike Jaquish
Realty Arts - Cary, NC
919-880-2769 Cary, NC, Real Estate

Gene,

As well they should be!

Jun 04, 2008 08:11 PM #4
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Rainmaker
769,627

Mike Jaquish

919-880-2769 Cary, NC, Real Estate
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