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TiltonBB · 12-28-2015, 08:27 AM

You, or a good agent working for you, should have potential buyers pre-approved for a mortgage. Pre-approved means that the potential buyers information regarding income, assets, liabilities, and credit have been verified and approved.

A "pre-qualified" letter is usually meaningless. Those letters generally have a disclaimer paragraph in them stating that the pre-qualification is based upon information provided by the potential buyer that has not been verified.

I have sold 14 properties over many years. In most cases I used a realtor but I told the realtor I would not consider an offer unless it was accompanied by a pre-approval letter.

I would think that any reputable realtors would explain the importance of a pre-approval to the buyer before wasting a lot of time showing homes to people who could not afford them.

12-28-2015, 08:27 AM	#13
TiltonBB Senior Member Join Date: Feb 2005 Location: Gilford, NH and Florida Posts: 3,059 Thanks: 726 Thanked 2,235 Times in 955 Posts	Pre-Approved You, or a good agent working for you, should have potential buyers pre-approved for a mortgage. Pre-approved means that the potential buyers information regarding income, assets, liabilities, and credit have been verified and approved. A "pre-qualified" letter is usually meaningless. Those letters generally have a disclaimer paragraph in them stating that the pre-qualification is based upon information provided by the potential buyer that has not been verified. I have sold 14 properties over many years. In most cases I used a realtor but I told the realtor I would not consider an offer unless it was accompanied by a pre-approval letter. I would think that any reputable realtors would explain the importance of a pre-approval to the buyer before wasting a lot of time showing homes to people who could not afford them.