Acceptance of the Offer

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Will my offer be accepted?

Acceptance of the Offer

If the market in your area is 'hot,' there may be several buyers interested in any given property. One might assume that a seller would automatically take the highest offer, right? Not always. The seller will look at the entire offer, not just the offering price. A seller who wants to move quickly may accept a cash offer (no mortgage approval process required) that's slightly lower than one from a first time buyer, who may or may not get approval for the mortgage they seek. To make your offer as appealing as possible to a prospective seller, get pre-qualified for a mortgage. This is different from pre-approval. A pre-approval says that, based on your income, you should qualify for a mortgage for X number of dollars. A pre-qualification means the lender has reviewed your paperwork, including credit history, and verified your income, and will give you a mortgage for X number of dollars, assuming the house appraises appropriately.

   

Comments

3/20/2007 8:24:28 PM
Laura said:

I think you've mixed up pre-qualified and pre-approved in this tip. It's an important difference as you say, so it's even more important that you don't get them backwards.




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