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Reason 65 - Your Real Estate Agent Helps You Process Prequalification Statements
If you are seriously considering a real estate property and wish to start a smooth transaction with the seller or owner, you better be prepared to instantly provide proofs of your financial capacity; otherwise, you find yourself caught up with mounting pre-requisites and cold attention from real estate agents.
First and foremost, you have to acquire, what the industry calls the “Pre-qualification Letter” to be obtained from any financial entity you are planning to source funding from. This usually happens, especially if you are not a regular player in the real estate trading field. Also, pre-qualification letter is a vital requisite, specifically for properties that are repossessed or undergoing bank-default problems.
Most real estate agents on this service, helping customers or interested buyers obtain the said document from your preferred financial institution. Your agent also would like to continue his service with you knowing that you are exerting extra effort to acquire this document. This will show the seller or owner you strong interest to buy the property.
Realtors do not want to waste their time, helping half-interested buyers who are only scouting for good properties and who do not actually plan to close a deal in the end. Agents would rather spend their “precious” time with buyers who are serious.
You have to show documents that you are qualified to get a loan from a bank, by showing the pre-qualification letter. This will be a solid proof that you are not there to “window-shop,” rather wants to acquire the property, the soonest possible time.
The pre-qualification letter from a money lender allows your realtor to see that you have obviously taken the time to make an appointment with a bank, mortgage broker, or money lender, and funding may be ready once a deal is closed. Pre-qualification letters can be acquired from a money lender, (bank, building society, among others) or from a mortgage broker.
In the past, a commitment letter was used to serve this purpose. Today, a clearer document, like the pre-qualification letter considered as more effective as future lenders are still subject for further investigation, review and due diligence. In this way, lenders have an easy out, if ever purchase agreement was not pushed through, maybe due to documentary hitches or agreement problems with the seller.
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Billy Chen
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Tel: (+65) 88689999
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billy@billychen71.com
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