Pre-approval Pre-qualification Purchase and sale agreement 
Lighter Side of Real Estate
MARCH 5, 2025
Contract Cancellations Are on the Rise According to recent data , more home sales are being canceled than in previous years. In January alone, over 41,000 home-purchase agreements fell through, representing 14.3% of all pending sales that month. Meanwhile, pending home sales have dropped. Thats up from 13.4%
BAM Media
JULY 2, 2024
It’s an acronym that provides a framework for conversations around buyer qualification. But you’re more likely to be chosen as their listing agent when you’ve done a great job on the purchase side. I’m not a big fan of asking, “ Hey, are you pre-approved ? They’re able to purchase a home.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
HomeLight
NOVEMBER 16, 2021
Through the Home Partners program, prospective rent-to-own homebuyers start by filling out a pre-qualification application. If approved, they move to submit a full application. Buyers will need to meet Home Partners’ minimum FICO requirement, which varies by market, and a maximum debt-to-income ratio (DTI) of 45% to be approved.
HomeLight
MAY 24, 2021
Home sales have skyrocketed, and home inventory is historically low. A step up from pre-qualification, preapproval often means the lender gives conditional approval, stating the size of the mortgage you’ve been preapproved for (though what constitutes a “preapproval” can vary from lender to lender). Not so fast.
Lab Coat Agents
NOVEMBER 20, 2024
An assumable mortgage is a financial agreement where the buyer takes over the seller’s existing mortgage. The seller’s lender must approve the assumption, guaranteeing the buyer is creditworthy and capable of managing the mortgage payments. The buyer must also meet qualifications for demonstrated creditworthiness.
Realty Biz
SEPTEMBER 23, 2023
When choosing a buyer's agent, consider factors like experience and qualifications. Understanding the mortgage process, including prequalification and pre-approval, is also essential. Buyer agents can provide valuable support in various situations, such as buying a new home or purchasing a foreclosure.
Redfin
AUGUST 29, 2024
Debt-to-income ratio (DTI) Another major factor that a lender will consider when approving your mortgage loan is your debt-to-income ratio (DTI). You will also need to save money to put toward closing costs , about 2-5% of the purchase price. This agreement will outline the agent’s commission , so you understand how much they’re paid.
Expert insights. Personalized for you.
78 
Let's personalize your content