Realtors tell you To Get Pre-Approval, from your buyer to be on the Safe Side Before you Agree to Sell to Them. I say NEVER rely on a Pre-Approval Letter. Realtors tell Sellers it is a Good Idea and it very well may be a good idea but that does not mean it has real value to a seller or that it guarantees or means anything.
A Pre-Approved Letter from a Lender is really a tool for a Realtor to Push a Seller into Signing a Real Estate Contract and giving the Seller False Comfort.
A preapproval letter is just a letter from a lender and sometimes from a Mortgage Broker that makes a Seller feel like they have a viable offer, and a Buyer feel like they have a shot at getting the Loan.
The Buyer can say what ever they want, they can fill out the loan application, but their income has to be proven, tax returns need to be looked over, the Credit Scores need to be looked up. It is not set in stone just because the approval letter is there. All the approval letter does is say that this particular lender will consider this particular borrower to get a loan on your house. Provided that your house appraises, and all the things the buyer said are true.
The buyer may not know their credit score, the buyer may not know of issues that will come up.. so an Approval Letter is just another tool used by the Realtor, and now has become something that the Real Estate Seller thinks they want, but really it is useless in the big picture.
And should NEVER be part of the Buying or Selling Decision making process. So don't believe everything your Realtor tells you about the importance of a Pre-Approval letter from a buyer in your Real Estate Transaction.
A Pre-Approved Letter from a Lender is really a tool for a Realtor to Push a Seller into Signing a Real Estate Contract and giving the Seller False Comfort.
A preapproval letter is just a letter from a lender and sometimes from a Mortgage Broker that makes a Seller feel like they have a viable offer, and a Buyer feel like they have a shot at getting the Loan.
The Buyer can say what ever they want, they can fill out the loan application, but their income has to be proven, tax returns need to be looked over, the Credit Scores need to be looked up. It is not set in stone just because the approval letter is there. All the approval letter does is say that this particular lender will consider this particular borrower to get a loan on your house. Provided that your house appraises, and all the things the buyer said are true.
The buyer may not know their credit score, the buyer may not know of issues that will come up.. so an Approval Letter is just another tool used by the Realtor, and now has become something that the Real Estate Seller thinks they want, but really it is useless in the big picture.
And should NEVER be part of the Buying or Selling Decision making process. So don't believe everything your Realtor tells you about the importance of a Pre-Approval letter from a buyer in your Real Estate Transaction.
crystal cox real estate - realtor lies - crystal l cox
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