subject: Pre-approval Letters Might Speed The Process Of Home Selling [print this page] A homeowner can find herself in a variety of different situations when it's time to sell her house. Years ago it was common for most homeowners to call a real estate agent and automatically list their houses on the multiple listing service. That's where everybody came to shop for a new house. That's just the way it was done all over the country. Of course the multiple listing service is still very effective, but something else is going on along side it that has to be considered.
What's going on these days is that everyone shops the online classifieds for houses, even those people who are also working with an agent. People spend a lot of their free time online and so they look for a new house there, too. They lo ok at craigslist.com and other local classified ad sites pretty regularly. So, now sellers have to be proactive and be certain they post ads so their house shows up in online forums as well their listing on the multiple listing service, unless they get involved in the process to sell a home for cash.
I've found that my listings on craigslist.com and ebayclassifieds.com have one thing in common, which is they attract buyers using conventional financing to obtain mortgage money. The vast majority of buyers in the marketplace are utilizing offline and online lenders to get pre-qualified for a loan. That means sellers should remember that there will very likely be a long wait for mortgage loan approval for any buyer making an offer subject to financing. Unfortunately, a pre-approval letter does not seem to make the loan approval process shorter these days, now that individual lenders have their specific "overlays" in place.
That is the term used for additional requirements placed on borrowers by a particular lender, over and above federal lending requirements. It's those private overlays that can make or break a mortgage loan application now, meaning it can make or break your sale. Now it's clear why many sellers consider calling an investor and selling a house for cash. If you have owned your house for a long time and you are very motivated to sell a house then place a call to an investor may be a good solution for you.
Considering how many houses are on the market now and the complex mortgage lending requirements, selling a house for cash looks more attractive than ever to sellers all over the country. You might want to consider it yourself before listing with an agent or posting your house for sale in forums online.
