Quote:
Originally Posted by aggieAXO
I am just curious as to why pre-approval status does not make a difference? When I sold my house my realtor only considered offers from those that were pre-approved.
|
It's a Realtor-thing. Many of them t
hink they are wasting their time (remember Commission only) if their buyer is not pre-approved. Pre Approvals are NOT required to put in an offer.
I've known of many buyers to be pre-approved for hundreds of thousands more than they can really afford because the LO told them they could afford $XXX, when much less was more realistic. Often, these are the people who end up losing their houses when the market turns. Our Loss Mitigation Department hears so often, "well the lender pre-approved me for that much".
Threaded Mode
