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QUICK TIP for Buyer’s Agents: Get Your Buyer’s Pre-Approved

Here’s a tip that all buyer’s agents need to know. Make sure your clients have a pre-qualification or pre-approval letter before showing them houses or submitting offers.

Let’s dive into what a pre-qualification letter is and why your buyers should have one.

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What is a Pre-Approval or Pre-Qualification Letter?

A pre-qualification letter is an initial letter provided by the buyer’s lender giving them an idea of what they can afford. Typically, this is provided based on proof of employment and income and 2-3 years of tax returns. Generally these are good until a property goes under contract, at which point a bank will do a pre-approval.

A pre-approval is more extensive. The lender often does a hard pull on the credit of the buyer, and requires further documentation proving their financial ability to pay the mortgage.

Why Should My Buyers Be Pre-Qualified?

Your buyers should be pre-qualified so that they know exactly what they can realistically afford to purchase. What’s worse than showing your clients a bunch of homes, and they fall in love with one only to find out it’s out of their budget after reaching out to their lender?

Let new clients know upfront that they need to get pre-qualified before touring any homes to ensure that they can be realistic with their home search. It also lets you weed out looky-loos and clients who are unable to qualify for a mortgage.

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Matt Moreland
Matt Morelandhttps://www.mattmorelandrealtor.com/
Matt is a real estate agent, investor, and entrepreneur in Texas, where he lives with his wife and three children. When he is not working on The Agent's Archive, he is helping his clients acquire investment properties, guiding new agents as they enter the industry, farming wine grapes, or working on something for his winery. In his free time he enjoys homesteading with his family, hunting, swimming, and backpacking.
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