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Pre-Approval Letters And Negotiation
Question: Is a pre-approval letter from a lender a good negotiating tool?
Answer: Yes. Given a choice between a prospective buyer with a pre-approval letter and a buyer without such a letter, a seller knows that the first purchaser has met with a lender, discussed loan options, and probably had a credit check. The result is that the first buyer represents less risk than the second one. If offers from both buyers are largely alike, the buyer with the pre-approval letter is likely to have an edge.
Written by Peter G. Miller.
© 1997 Peter G. Miller. All Rights Reserved. Rules, Disclaimers & Notices.
Copyright © 2012 Realty Times. All Rights Reserved.
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