Be Sure To Pre-Qualify When Selling Home (mortgage, accepted, property)

[pokesalad4u2]

I had read that if your trying to sell your home you should insist on those who are already loan quailified.

Anyone else hear about this. That way you don't get all tied up with those who may not be able to get the loan.

[azcater]

It's standard practice here.. pre-approval letters are almost always asked for when submitting an offer

[Bill Keegan]

Originally Posted by pokesalad4u2

I had read that if your trying to sell your home you should insist on those who are already loan quailified.

Anyone else hear about this. That way you don't get all tied up with those who may not be able to get the loan.

It's fairly standard practice. Any offer to purchase a property should be accompanied by proof of the buyers ability to complete the purchase.

[raveabouttoast]

What they said. My offer wasn't officially accepted until they got a copy of my pre-approval letter.

It's a good idea in general. It shows the buyer is serious and qualified. I'd hate to try and go through the entire closing process only to find out the buyer doesn't qualify for a mortgage. That's several weeks worth of time that you could have been showing the house to other potential buyers.