Why Do Real Estate Agents Ask If You’re Pre-approved?

Why a Pre-approval?

The current real estate market is challenged with a tight inventory (meaning few homes listed for sale).  Now more than ever, it is SO important to get pre-qualified, or better yet, pre-approved for the financing you will need to fund your home purchase.  Having a pre-qualification or pre-approval letter in hand will give you the ability to submit your offer without delay.

Seller's want to see a pre-qualification letter or a pre-approval letter accompanying the offer.  That way they know the buyer is actually a serious buyer and that they are able to pay for the house.  In a real estate market where there are few homes listed for sale and many buyers competing over those handful of homes, being prepared to write an offer quickly, provide proof of your downpayment, and a pre-qual/pre-approval letter is essential in "winning" an accepted offer.

Second, it is important for a buyer to know for sure that they will qualify for the loan the intend to get before finding the perfect house.  Getting pre-approved for a loan will pinpoint if there are any credit score issues, or if certain debt needs to be paid down, or income needs to be clarified.  Being prepared for obtaining a loan upfront will help making the buying process run much smoother and help get that offer accepted!

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