Buyers know what type of financing you have.

VErn, thaks for the re-blog.  Buyes need to know this and we need to continue to tell them as new buyers are aroiund us every day

When I'm speaking with buyers (esp lst time buyers) whether in person, phone or email contact I always recommend they contact a bank of their choice if they have no idea of their credit score or how much $ they can borrow.  A loan preapproval will answer these questions and they'll know  their financing options and loan type recommendations.  If they are contacting multiple banks shopping for best rates,etc I also remind them to not have each banker pull their credit unless that is the bank they want to use.   Online out of state mortgage company rates might look appealing but if there are issues you can't go downtown and physically talk to the banker.  Also closing costs could be significantly higher with an online company and a new buyer won't know they are being over charged compared to local banks if they don't compare.    

When this preapproval letter accompany's the buyers offer it will help a seller
feel more confident that the buyer is serious, have done their homework and
are good to go.  I do have a check list of house issues that  hold up  FHA/VA loans from a banker that I pass out to buyers if we find a questionable house.  Keep in mind though that a seller may be willing to pay to rectify house condition issues. 

Note: these initial preapprovals are only based on info the buyer shares with the banker without a thorough search of their credit at that time.  Sometimes buyers think a past negative won't be found.  Then of course this is subject to the house they submit an offer on passing a successful appraisal too. 

Thanks for the re-blog, Vern.  Excellent advice from William that all buyers should follow.