Generally, sales fail to happen because the buyers discover something new about the transaction that they didn’t know after they made their offer. This could be new information about the property, the property condition, the neighborhood, how much they can afford or the price they agreed to pay. Often, the transaction may fall apart because the buyers couldn’t get the loan they needed to complete the purchase. Mortgage preapproval can be accomplished within a day or two, and ideally should be done before an offer is made. Preapproved buyers know they are creditworthy and how much they can afford to pay. Mortgages For Dummies, 2nd Edition

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