article thumbnail

Is a Mortgage Pre-Approval Letter Necessary to Make an Offer on a House?

Realtor.com

In fact, “I do not look for homes with my buyers until they have a pre-approval letter from their lender. ” What is mortgage pre-approval? So is seeking pre-approval a good idea for you? 2 times a mortgage pre-approval letter isn’t necessary.

article thumbnail

What’s Required to Sell a House Without a Realtor?

HomeLight

The buyer’s lender will probably require their own appraisal as part of their loan approval process. Mortgage statement with payoff amount. This organizational worksheet helps calculate your net proceeds after deducting the mortgage payoff, taxes, escrow, and any other fees. These are often problems with titling or financing.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

How to Sell a House by Owner in New Jersey

HomeLight

She explains that people browsing online are prompted to click on links to obtain more information, schedule a showing, or get financing. Murphy says there are many people who have slowed down their search or taken a break with mortgage rates skyrocketing. “We Share on social media. Require everything in writing.

article thumbnail

How to Sell a House by Owner in South Carolina: A FSBO Guide

HomeLight

Buyers may get pre-approved for a mortgage at the click of a button on a website, but might not have submitted the documentation. With our current climate of changing interest rates, that same pre-approval from a month ago may not be valid today for the price of their home,” Richter adds.

article thumbnail

How to Sell a House By Owner in West Virginia: A Mountain State FSBO Guide

HomeLight

However, cautions Raymond, “It’s a good start, but you also have to remember that the bank (financing a buyer’s loan) is going to do their own appraisal. Before signing anything, you’ll need to do your due diligence to evaluate the terms of the offer and assess whether the buyer’s financing looks satisfactory.

MLS 82
article thumbnail

How to Sell a House By Owner in Kentucky

HomeLight

Here are key considerations when considering an offer on your Kentucky home: Vet potential buyers by requiring a mortgage pre-approval letter or proof of funds. Require everything in writing. Remember, you can counter-offer and negotiate. Look for a good real estate attorney. See the next step!)

MLS 66
article thumbnail

How to Sell a House By Owner in Wisconsin: A Badger State FSBO Guide

HomeLight

Before signing anything, here are key considerations when considering an offer on your Wisconsin home: If you haven’t already, vet potential buyers by requiring a mortgage pre-approval letter or proof of funds. Require everything in writing. Remember you can counter-offer and negotiate. See the next step!).