Expert, localized Los Angeles answers provided by Heather Roy

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Pre-qualified Buyers

  We have put our home on the market and our realtor told us today that someone is interested in our house. They are getting pre-qualified for a loan before they look at the house. Is this unusual? Thanks!
 
 

Those buyers are wise to find out ahead of time how much mortgage they might qualify for. It'll be even better if they get pre-approved, with a lender promising to give them a mortgage loan. In either case, what they're doing doesn't involve your specific house at this point. But when and if they make an offer, you'll have some assurance that they're financially able to afford the property, which will take some of the uncertainty out of the negotiations and really is a plus from your point of view.

    Edith
Originally published on May 6, 2007
 
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