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pre-approval vs pre-qualification

Started by bhh
about 16 years ago
Posts: 120
Member since: Sep 2008
Discussion about
In theory, pre-approval should place a buyer much higher up the food chain, closer to a cash buyer and should help send a signal the buyer is serious. According to a CHASE rep, you can also lock in an interest rate for 60-days with a pre-approval but the application fees run $400 I think. Anyone care to elaborate or opine?
Response by fivemznyc
about 16 years ago
Posts: 6
Member since: Mar 2007

Pre approval is certainly better than pre qualification. If an underwriter has seen your pre approval and issued an approval then you are good to go subject to conditions. Pre qualification means that you meet the guidelines of the lending institution.

Cash is king and by far superior to the above to a seller.

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Response by falcogold1
about 16 years ago
Posts: 4159
Member since: Sep 2008

'Cash is king and by far superior to the above to a seller'
what does that mean?
higher up on the food chain? WTF?

If I'm selling but, I'm so concerned as to the buyer's ability to borrow I'll just insist on 10% nonrefundable deposit on the property. What the hell do I care if the money comes from Chase or your mothers mattress. I'm gonna have to declare it, pay cap gains...etc. I guess if it's between daddy cash bags and Mr. Nopapers maybe that might make a diff.

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