Why Sellers Prefer Buyers With Pre-Approved Finance | The Real ...

If you?re in the market to buy a home, then one of the best moves you can make is to get mortgage pre-approval ? in writing. Sellers are far more willing to negotiate with buyers that have that pre-approval letter because the funding arrangements are reasonably secure. Without pre-approval, sellers (at least their real estate agents), know that obtaining that approval can take a long time, so the time between agreeing on a price and finally settling can be months.

With pre-approval, once you have agreed to a price, the only real hurdle left (when it comes to finance) is the home appraisal. If the sales price is reasonable in terms of current market value, then that too should not be a problem.? Without pre-approval, the appraisal stage may not happen for 4-6 weeks and a lot can change in that time, including a drop in local current market prices.

There are many other advantages to entering the home buying market with pre-approved finance. You know from day one how much you need for a down payment, what your upper price limit is, and what your closing costs are likely to be, including transfer fees and taxes. As a buyer, you can enter the market fully prepared and fully aware of what your limitations are.

Buyers that enter the market without any arranged finances often find that their financial limitations are much lower than what they expected.? In the current market, there are many buyers who are finding finance hard to arrange ? sometimes impossible. Just because you have a mortgage on your current home, that doesn?t mean you?ll automatically qualify for another mortgage.? In fact, the lending market is so tight that finance on your next home should be arranged before you even put your current home on the market. With pre-approved finance, you?re in the box seat to proceed.

Related posts:

1. MLS Services Both Sellers And Buyers
2. Are You In A Buyers Or Sellers Market?
3. Home Buying Tips ? Enter The Market Qualified Or Approved
4. Why Home Sellers Can?t Always Be Pushed On Price
5. Home Finance ? What Are Discount Points

Source: http://www.realestatebriefings.com/finance/buyers-pre-approved-finance/

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