As my business grows, I get more and more questions from both buyers and sellers as to why I require preapproval to show a house.  There are dozens of benefits to sellers and buyers in any market.  Here's the basics:

Benefits for Sellers:

Only serious buyers will take the time to get preapproved for a loan.  This helps weed out nosy neighbors and casual lookers.

You will know that the people taking your time and visiting your home can afford to get a loan if they love your house.  This is especially important if you have a high-end property.

Benefits for Buyers:

Don't waste time looking at homes you cannot afford.  Unless you have a huge lump sum of money sitting in the bank, you cannot afford a $200,000 home on $40,000 a year.  Mathematically, it's impossible.  So why would you want to look at a home, fall in love, then find out there is no way you can live there?  If you are looking for motivation to further your education or strive for a promotion, take virtual tours online - we have lots of great photos, and you can do it whenever you feel like it.

Give yourself an advantage in a competitve market.  By having a preapproval letter, you're telling sellers you're serious about buying a home.  When it comes time to negotiate, your solid finances can help you get the home you want for a lower price.

Basically, preapproval saves us all time, energy, and frustration.