Having a pre-approval letter gives you leverage when making an offer on a property. Here’s how:
1. Sellers prefer to negotiate with pre-approved buyers because they know the buyers are financially qualified and that results in the closing of the transaction.
2. A pre-approval letter can make or break a multiple offer situation. Be the one with the letter!
3. Time saved is another great advantage. If you have a seller motivated to move or has already moved, your offer will look more attractive since you already completed one of the more time consuming steps. In the seller’s eyes it could mean a quicker close.
For a seller it’s about selecting a buyer who can close the deal. Be the buyer who can accomplish that by being pre-approved.
