THE STATUS OF BUYER’S FINANCING
Text Box: The value of the buyer’s offer from a seller’s perspective is as follows: BUYER IS NEITHER PRE-QUALIFIED NOR PRE-APPROVED The buyer provides no tangible evidence of his/ her ability to afford your property. The seller rightfully wonders how serious and financially realistic the buyer is. The seller isn’t likely to accept anything except top dollar offer, and then, only if financing contingency risk can be significantly reduced in a few days. BUYER IS PRE-QUALIFIED This buyer has met with a mortgage lender/ broker and discussed their situation. The buyer has provided the mortgage lender/ broker evidence of income, expenses, debt, asset, and liability information. The mortgage lender/ broker may check the buyer’s credit report. The buyer can provide you with a letter from the lender stating an opinion of what the buyer can afford. BUYER IS PRE-APPROVED This buyer has completed a loan application, provided the lender with written evidence of income, expense, assets, liabilities, and credit. All information has been verified by the lender. As a result, much of the paperwork for this buyer’s loan has been completed. This buyer will probably be able to close quickly. The buyer can provide you with a letter (pre-approval certificate) from the lender. The seller can reasonably be confident that this buyer can get a loan commitment and CLOSE! When an offer is accepted, the seller’s property is effectively, if not actually, no longer available to other potential buyers. Should the buyer fail to acquire financing, the seller has probably lost the opportunity to attract and negotiate with other buyers and has to restart the marketing of the property. No seller wants to waste time and money with a buyer that cannot get financing.

Where buyers find the area’s  f i n e s t  properties
MOORE REAL ESTATE

Three types of BUYERS

Dangers of overpricing

Selling with our help
Text Box: Christine Cornwell, GRI BROKER—Associate (606) 233-2905 (606) 439-1971

Getting a Mortgage

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P O Box 390  *  Hazard  *  KY 41702 

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ALOIS MOORE                        

CHRISTINE CORNWELL, GRI

HEATHER PENDERGRASS HUGHES  

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(606) 438-9139

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(606) 233-2480