When you make an offer, we will need to provide one of the qualifying docs below to the seller to validate your terms:
- Pre-qualification letter: provided by your lender after checking your credit and inquiring about your job and financial status. It states the loan amount you can expect to be approved for. Get pre-qualified.
- Pre-approval letter: provided by your lender after checking your credit and verifying your financial docs. This is more involved than getting a pre-qualification letter but is stronger in the eyes of the Seller given your loan amount has been approved. Get pre-approved.
- Proof of funds: This document is used by cash buyers to show enough funds are available for purchase. This could be a letter from your money manager or an account statement.
Tip 1: Contact a lender and get organized early. Competitive situations may require you to share a letter the same day you tour.
Tip 2: Sellers see cash buyers as the strongest, then pre-approved buyers and finally pre-qualified buyers. Any of these qualifying documents or letters can be good enough to make an offer in a non-competitive situation.
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