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I will be listing FSBO. With or without an agent, I am requesting would be buyers to please provide proof of a loan pre-qualification/pre-approved. I would expect a letter of some sort. If an offer is made, should I/can I verify the proof with the lender? I am inviting agents @ 3% and am assuming that the agent would have already done so. However, if someone comes without an agent, I don't want to show the home to someone who will not be able to get a loan.
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Requiring proof of loan approval is reasonable. An real estate agent probably would have a preapproval letter.
Pre-approval and pre-qualification are two different things. During the pre-qualification process, a loan officer asks the buyer a few questions, then hands them a "pre-qual" letter. The pre-approval process is much more thorough. I would suggest asking for a copy of the pre-approval letter from all perspective buyers with or without an agent. Yes, you can verify the proof with the lender. You are simply looking to protect your interests here.During the pre-approval process, the mortgage company does virtually all the work associated with obtaining full-approval. Since there is no property yet specified to purchase, an appraisal and title search aren't conducted. What is specified is how much home the buyer can afford. Buyer will be approved by a lender up to a specified dollar amount.
For conventional loans, it only takes about 20 minutes to know whether the borrower piece of the loan is approve/eligible(FNMA's computerized U/W engine. Credit/Income/Assets.. pretty simple.. type the name in correctly and hit SUBMIT and all we do is input the property address as TBD any town, FL 32751... There is no excuse for Buyers to not be prepared. We have all the time in the world... we are in the mortgage business.. Anyway, if the buyer did not have some type of pre-approval letter, I would have very short time periods (1-2 days) to get it done.. Then it would come down to the appraisal and your home. It is a Buyers Market as they say "because of inventory issues", but that is not an excuse not to be prepared. Good luck with the sale and we'll roll out the red carpet for you in FL.. We have plenty of homes to choose from for purchasing or renting.
Buyers should be fully pre approved up to a purchase amount they qualify for. The pre approval should be good for 90 days so they can shop for a home.
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