Can Buyer Pre-Approval Sell My Home?
If I find a buyer with lender pre-approval, will it help me sell my home to them? I don’t think pre-approval involves the same process that a buyer must go through when they have made an offer on a house and then make an application for a mortgage. My understanding is that mortgage pre-approval is more like a preliminary step before going out and looking at homes for sale.
In reality, pre-approval does not provide a guarantee to either the buyer or the seller. Any buyer who makes an offer on my property that is subject to financing will go through the same lengthy approval process, involving buyer references and home inspections. Both the buyer and the house are scrutinized by the mortgage lender and must meet its own calculations and requirements.
For example, the lender might require buyers to verify the source of funds to be used as a down payment. Lenders want to know if any part of the money was a gift from parents or grandparents or if the buyers saved it on their own. This is significant to a lender because it gives them information about the buyers’ financial habits.
A buyer might be required to reduce their credit card debt load and a seller might be required to replace the roof. There are hundreds of requirements different lenders use to balance their risks with their expected financial gain, and they don’t always seem fair or logical to buyers and sellers.
Avoiding Mortgage Loan Approval
I can avoid worrying about mortgage loan approval by selling my home to a cash buyer who doesn’t need to get approved for a loan. No buyer mortgage loan means no mortgage lender requirements for the buyer or for the house.
The Selling Solution Specialists at We Pay Fast are cash buyers who don’t apply for mortgage loan approval. They specialize in quick, easy cash sales within a week to ten days after signing the purchase agreement. If We Pay Fast buyers are interested in my home, my worries about buyer pre-approval and loan qualification are over.
Call 405-521-1807 or email [email protected] to speak to the Selling Solution Specialists, or to get a call back within 24 hours.