So you're in the market to buy a new home and you have your eye on a property that you think might be "the one". Whether or not you have enlisted the aid of a professional real estate agent you will want to do one thing prior to submitting an offer to the home seller: pre-qualify for a mortgage. Pre-qualifying for a mortgage prior to making a purchase offer is wise because you can include a copy of your pre-qualification letter along with the offer, which indicates to the seller that you are a legitimate buyer. If a seller receives two offers, one with a letter of pre-qualification from a mortgage broker and one without, which do you think will get stronger consideration? Often times, sellers will look harder at an offer for less money if they are confident that the buyer can actually purchase their home. Sellers will also often require a letter of pre-qualification before they accept an offer, because accepting an offer means they are taking their home off the market to put it under contract. Signing a purchase offer with an unqualified buyer could result in a loss of weeks or even a month or more if the buyer fails to secure financing. If a home seller has to turn away other buyers during this time they have lost not only time and interest, but they have also lost out on other potential buyers. Therefore, it is definitely in the best interests of the seller to only consider offers accompanied by pre-qualification letters. |
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