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Homeownership Terms to Know: Pre-Approval, Pre-Qualification & More

Windemere Buying

Before you begin your home buying journey , it’s helpful to know about pre-approval, pre-qualification, and proof of funds, and the role they play in a real estate transaction. Homeownership Terms to Know: Rent-Back Agreement, Joint Tenancy & More Pre-Qualification and Pre-Approval What is pre-qualification?

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Disincentive Program


They also noted that to show the property, buyer-agents needed to submit proof of funds (bank statement) and pre-approval letter plus a 24-hour notice was required. A new $3,000,000+ listing hit the MLS this week that was offering a 1/2% commission to the buyer’s agent.


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Cash offer startup raises 90M in debt and equity

Housing Wire

” The process requires a pre-approval that once passed allow buyers to submit an all-cash offer with’s proof-of-funds. As of right now, only operates these services in Colorado, but the company is declaring itself the first “ilender.”

Equity 400
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11 Homeselling Myths, Debunked

The Close

Navigating the Selling Process Myth #8: Getting Pre-approved Should Happen After Finding Your Perfect Home House hunting can be exhausting. A pre-approval won’t take long and can save your buyer a headache if they find a home they love before realizing they can’t get a mortgage to pay for it. “And you know what?

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Navigating Bidding Wars During a Hot Real Estate Market

RIS Media

If the listing agent is allowed to disclose the other offers, make sure to obtain written approval from the seller before discussing this. Your client should also come prepared with a few other things: a pre-approval letter, earnest money deposit and, if they are paying cash, a proof of funds document.

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9 Warning Signs When Selling Your Home


The Buyer Is Not Pre-approved for a Loan. Although buyers are not required to be pre-approved for a loan in order to buy a house, expecting them to be is perfectly reasonable. As a seller, you will save valuable time when dealing with pre-approved buyers. The Buyer Is Asking for Cashback.

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Buyers Paying Over Asking Price? Get an Appraisal Gap Guarantee


A buyer who makes an offer on your home should present you with a letter that proves they’ve been pre-approved for financing in an amount that is equal to or more than the purchase price. A buyer who agrees to an appraisal gap guarantee should also present you with proof of additional funds to cover the amount of that promise.