Pre-Qualification vs. Pre-Approval: What Sellers Must Know

8 Nov 2024 · 0 min

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0:21

Sander Scott explains the difference between pre-qualification and pre-approval letters for home buyers. Pre-qualification is informal and doesn't verify finances, while pre-approval means a lender has checked the buyer's actual income and credit. Sellers and agents need to know which one a buyer has before taking their offer seriously.

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