Why a Pre-Approval Letter Matters

Why a pre-approval letter matters.

A pre-approval letter serves as proof to all parties involved that you are a serious customer. It shows that you are ready and able to buy a home. Here’s how having a pre-approval letter matters:

To you:

A pre-approval letter will save you time because you’ll only look at houses that are within the range of your pre-approval amount. Most importantly you can shop with confidence, knowing that when you submit an offer, you’ll have an advantage.

To your real estate agent:

Pre-approval letters let real estate agents know that you are a legitimate buyer and they should commit time and resources to helping you find a home and negotiate an offer. Without a pre-approval letter, some agents will not schedule showings.

To the seller:

When a seller reviews your offer accompanied with a pre-approval letter, they take you seriously. It places you and your real estate agent in a better negotiating position, especially if other home shoppers bidding on the same property are not as prepared as you. A smart seller is going to avoid common resistance. With your pre-approval in hand, you are in the best position to get the deal done.

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This has been a quick tip by LandlordBreakup.com, the website for smart renters. If you're a renter who is curious about how you can turn your rent payment into a mortgage payment, check out our home buying course and home ownership plan for renters. Check out the course.

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