July 9th, 2008 The Vallee Gold Team Posted in Uncategorized |
First Step to Buy A Home In Arizona
For Sellers, ask if the buyer/s have been pre-approved or pre-qulaified. Why? The difference between buyers who are pre-qualified and those who are pre-approved can make a huge difference in the length of time it may take your home sale to close.
A buyer who is pre-qualified is one whose lender has determined how much he/she can borrow based only on information they have provided to the lender. Nothing has been verified to determine the buyer’s true creditworthiness. To get pre-approved for a laon the buyer must fill out a loan application and go through the lender’s approval process at a later date.
In Arizona the purchase contract requires a loan status report or LSR to be filled out by the lender. This report will indicate how far into the loan process the seller has to complete the loan application. The LSR will give specific information about the buyer qualification. Find complete explanation of the loan status report here.
When a buyer has been pre-approved, the lender has already done a credit check and verification of employment and deposit. The lender’s pre-approval is actually a commitment to loan the buyer up to a certain pre-determined amount. The only thing missing is the lender’s appraisal of your home to confirm its value.
An offer from a pre-approved buyer can save days or even weeks off the closing process. When we assist sellers, we make sure we are dealing with offers from pre-approved buyers. We will contact the lender to check them out to ensure they are reputable and will be able to guarantee the timelines will be met for a quick and easy close.
If we can provide additional information, please call or email us.
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