When buying or selling a property, it always helps to have a basic understanding of real estate terms. In this on going series of articles, we take a look at definitions starting with Pre-Approval Letter.
1) Pre-Approval Lender Letter a writing from a lender stating that a potential buyer has approval to borrow a stated amount of money from his firm based on having documented all the personal information needed. Final approval is subject only to the lenders receiving a copy of a contract to purchase real estate, a satisfactory appraisal of that real estate, and its underwriting departments review of all pertinent information. In other words, the buyer qualifies so long as the property does and no changes occur.
2) Pre-Qualification Lender Letter a writing from a lender stating that a potential buyer is able to get a loan in a named amount. It typically states the price of real property to be purchased, and what information the lender had when forming his opinion. When a lender has pulled a borrowers credit file, his opinion is worth more than if he just based it on what the borrower told him.
3) Real Estate, or Real Property ground, any plants...
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