CREATE HIGHER SUCCESS BY BEING PRE-QUALIFIED
Pre Approved Buyers are Often Considered Better Than CASH Buyers In Todays Market. Here Are Reasons Why:
- CASH BUYERS – If you intend to purchase a property for all cash, you will want to submit a Verification Of Funds (VOD) with your offer to let sellers know you are serious. Due to a recent increase in “false cash buyers” sellers and sellers agents are cautious with cash offers, and are likely to chose a buyer with a pre-approval for a loan over a cash buyer. Rather than to be offended when asked for a VOD, it is better to produce one if you are serious about purchasing for the following reasons:
- FALSE CASH BUYERS – are often pretending they have cash to tie up properties. There are many seminars teaching unqualified buyers to tie up properties using a false “Verification Of Funds” (VOD). There are companies who provide VOD’s to buyers for a small fee. Such buyers are hoping to flip the home in escrow, or to find an investor while they have it tied up. They often don’t close after tying properties up for a long time, which is painful for the Seller and everyone involved.
- CASH BUYERS OFTEN LOSE OUT WHEN MULTIPLE OFFERS – Unfortunately, because the recent increase in false VOD’s, Seller’s and selling agents are cautious with cash buyers, causing real Cash Buyer’s to miss out.
- IN TODAYS MARKET PROPERTIES LISTED NEAR OR BELOW MARKET SELL FAST, AND OFTEN WITH MULTIPLE OFFERS – Seller’s don’t have time to investigate, so they go with the safest offer which isn't always the highest offer. It takes too much time, especially on a weekend to verify whether the VOD is real, or not, which is why it is better to have a pre-qualification letter or approval, reserving the right to pay all cash.
- THE BUYER WHO IS PRE-APPROVED WITH A “LOCAL” “REPUTABLE” LENDER IS THE EASIEST TO GO WITH – In todays competitive market, Seller’s and their agents want to go with the most reliable source of information when making their decision for accepting an offer. Here are some links to lenders you may want to consider: