Why buyers need pre-approved finance
Would-be property buyers will have a competitive edge over their competitors if they have their finance pre-approved, Asset Finance Group says.
“If there’s competition from other buyers for the property you’ve found, having your finance in place can put you ahead of the other buyers and improve your negotiating power,” the firm says in a recent newsletter.
“The vendor and the vendor’s agent will take you more seriously and give preference to you and your offer to buy the property.”
The group says other benefits of having pre-approved finance include:
- that it allows intending property buyers to evaluate their financial situation before getting involved, and potentially emotional, in the hunt for a property; and
- buyers who know how much they can borrow won’t waste time looking at the wrong properties, as they’ll know what price bracket they’re in.
