If your home is on the market, make sure you aren't spinning your wheels with buyers who can't afford it. Smart buyers will ask their lender to pre-qualify them for a loan. This process takes into account very basic information regarding the buyer's financial status and helps determine how much home they can afford. A buyer may go one step further and get pre-approved for the loan. This is a much more involved process. It lets you know that the buyer has gone through an extensive financial background check and that there should be no unexpected obstacles to purchasing the home.
