Why are Buyers given a pre-approval if they were not actually approved for a loan asked a Manchester NH area home seller? The CONFUSION starts that they actually got a "PRE-QUALIFICATION" Letter and not a pre-approval. Many buyers and sellers are confused by the two terms. This sellers sale fell through because the Buyer could not get a mortgage and had a generic pre-qual letter from an Internet mortgage company that wasn't worth the paper it was printed on.
A pre-Qualification usually only looks at the buyers credit score and uses what the buyer states their income and debts are. It is contingent upon a formal application and verifications. A GOOD listing agent not just requires a pre-qual letter, but will check to make sure it is real and to what depth they verified the buyer can get a mortgage.
To be truly pre-approved, the buyer makes a formal application, submits 2 years tax returns, last 2 months bank statements, last 2 pay stubs and has their employment and income verified. They then need to just find a home and make sure it appraises.
Many Home Sellers learn this the hard way. They have a right to be angry, but perhaps at themselves for not choosing a listing agent that explains how the mortgage process works and what it means. Most people do not know the difference between the two. I make it my job to let my buyers and sellers know the difference so they do it right, I also encourage questions when they don't understand to try to prevent problems just as this. Buyer should be using local and trusted banks or mortgage companies. Sellers should know the difference and that starts with their agent.
In Summary a home owner deserves the best agent. A GOOD Listing Agent's job is to work with their Seller through each step of the Selling process. It is not time for trial and error or short cuts. LEARN THIS ONE FACT: One should know that All Agents are not created equal and every buyer or seller should take the time to hire the BEST not just the biggest Agent or Company. It is important to Hire the BEST Agent. In NH that could be me.
The most critical part of Buying or Selling a home is the Agent/Broker you choose. You have a choice of agents. Use your choice to hire the BEST agent in your area.
By using a philosophy, which is simple, to provide more personal and professional service to guide my clients through each step of the buying or selling process, I can help you find your dream home .
It does not take magic to turn your "For Sale" sign into a "Sold" sign. It takes a full time Local Agent who specializes in Listing homes like yours.
To CONTACT Scott Godzyk please call 603.661.2121 or EMAIL: Sctprop@aol.com .
About the Author: Scott Godzyk is the Owner/Broker of the Godzyk Real Estate Services in Manchester NH. Proud to be locally owned and operated with 30 years of experience, Scott is a leading Agent for Listing and Selling Homes in this area.We are Full Time Agents ready to serve all of your Real Estate needs with an infamous philosophy, which is simple: To provide more personal and professional service to guide my clients through each step of the buying or selling process.
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