WHAT SELLERS NEED TO KNOW ABOUT PREAPPROVALS

Knowing about preapprovals are just as important for my sellers! 80% of buyers who want to see your home can’t afford it that means that 8/10 times when you prepare your home for a showing – it’s for someone who is just curious, not serious.

When I explain this to my sellers, I ask them if they would like to request that appointments are accommodated only for buyers who have shared a preapproval letter with their Realtor. I have yet to have a seller not take me up on this.

This is your personal home – you should have control over who goes traipsing in & out. You can absolutely set some standards to ensure that those coming in have the financial capability of purchasing your property. Your Realtor should support you with that & help to set those standards for other agents to follow.

Okay, seller… let’s say that you’ve mandated preapprovals for appointments, you’ve received some decent showings & now you’re getting an offer – or TWO!

The sales price is just one of 13 pages of terms on a sales agreement. They offer a pretty penny for your home – but looking at the preapproval letter will help you determine if that offer is going to stick to the closing table.

Here’s the 3 things that you need to be looking for when you’re evaluating your buyer’s mortgage:

1. You need to see that preapproval letter. It needs to accompany the sales agreement to show you that they are financially capable of the purchase. There’s no such thing as a verbal preapproval – you need the document.

2. Does the lender on the preapproval letter match the lender stated in the offer? If not – you need a preapproval letter from THAT lender. The lender needs to match & the mortgage terms need to match what’s on the preapproval.

3. If the lender is online-only OR an out-of-state lender, so those 2 red-flag lenders that I warned buyers about, you can absolutely ask the buyer to get preapproved with a lender that you or your Realtor trusts. Now, the buyer can still proceed with the lender of their choice, but at least you have some additional assurance that you got a 2^nd pair of eyes on things & a second opinion saying that they’re good to go.

Looking at these things will help to protect against an unqualified buyer taking up time that could be spent on someone more serious.

That’s why preapprovals are important for not only buyers but for sellers as well.

SUPPLEMENTAL VIDEO CONTENT ON THIS TOPIC:
Why Get Preapproved

2 Types of Lenders to Stay Away From! – YouTube

Your Lender’s Reputation – YouTube

The difference between a BANK & a LENDER – YouTube

I’m Always Here & Happy to Help!

Katina Hunter

Team Lead for the Katina Hunter Team with Coldwell Banker
724-888-9020
Katina.Hunter@PittsburghMoves.com
www.HereAndHappyToHelp.com