Sellers Want Preapproval Letters From Buyers
Some property owners run into trouble finding qualified buyers to purchase rental properties. To protect yourself when selling property, request a preapproval letter from potential buyers stating that their lender has committed (in writing) to funding the buyer's loan provided the home appraises out in value. Be careful it is not a pre-qualification letter, which is not a good indicator of whether the buyer will ultimately be able to secure financing.