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re: House Sellers: How common is it for a seller to require proof of funds before even showing
Posted on 7/5/23 at 7:18 pm to LEASTBAY
Posted on 7/5/23 at 7:18 pm to LEASTBAY
quote:
I'm selling an investment property right now. I have had more than 1 bring a prequal letter then the bank is telling them no once they get started on the process. People obviously lying.
Get a PRE-APPROVAL letter, not pre-qualification letter, 2 very different things.
2
Posted on 7/5/23 at 8:13 pm to CONNECTICUTTIGER
quote:
Get a PRE-APPROVAL letter, not pre-qualification letter, 2 very different things.
What’s the difference
Posted on 7/5/23 at 8:57 pm to CONNECTICUTTIGER
quote:
Get a PRE-APPROVAL letter, not pre-qualification letter, 2 very different things.
You’re not getting a pre-approval letter until you’ve been approved.
A pre-qualification letter should suffice anyone and if it doesn’t the sellers can get bent.
A pre-qualification letter is issued from what the buyers have stated their income to be. It takes only a few minutes to produce and is done by only the lender.
A pre-approval requires income documentation, underwriting, and a more lengthy process.
This is why it’s important to have a relationship with a community and local bank. A client can get a letter in 30 seconds from his banker.
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