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Scouring the Classifieds of
Las Vegas Homes for Sale?
Should You Get Pre-qualified or Pre-approved?
"With so many Las Vegas homes for sale my wife Becky was like a kid in the candy store," said Christopher Berrisford, an emergency room counselor. "After living here for 18 months and not getting our foot in the door because of the brutal sellers market there's so many choices now we want to be ready."|
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"But when our Realtor suggested getting pre approved when one of Becky's friends said being prequalified was good enough we were confused. We looked at each other and asked at the same instant 'What's the difference between a prequalification and a preapproval?'" The difference lies in the degree of verification. And given the lack thereof, pre qualification letters aren't worth much. Preapproval letters, on the other hand, speak volumes about anyone engaged in a Las Vegas homes search. In fact here is how such financial validation looks from each side of the negotiation table. Buyers should realize that including a preapproval letter from a local lending institution improves the odds of your offer on a house being accepted. |
Realtors see those with such documentation as serious real estate buyers.
Sellers can use this as one way to evaluate offers. Anytime but especially in a hot market.
Buyers will know exactly how big of a loan they qualify for and so the price range of say North Las Vegas homes they can reasonably consider.
Realtors will be more motivated and inclined to work overtime for you since they see you as someone who qualifies to buy if they can but find a Las Vegas homes listing that meets your criteria.
Sellers should be leery of any Internet-based lenders' preapprovals. Nationally syndicated writer Kenneth R. Harney reported that fully 39 percent of their letters are "invalid". Result? In the end the buyers do not qualify for the loan - which kills the deal. To avoid such unwanted problems, any letter you accept needs to spell out exactly what info has been verified and evaluated.
All of which is why serious shoppers of Las Vegas homes for sale should get preapproved before they do anything else.
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