Buyers with a mortgage Pre-Approval have a distinct advantage when they are ready to deal. An approved mortgage establishes a home buyer's purchasing power. To speed the process and strengthen their bidding position, we strongly recommend that home buyers check their credit report/FICO credit score and get Pre-Approved for a mortgage as one of the first steps in the home buying process.
Want to strengthen your bargaining position? Get pre-qualified. Want your offer to stand out in a case of multiple offers for the same house? Get pre-qualified. Look at it from the seller's perspective. If you had 2 offers on the table for your house, one from a fully pre-qualified buyer and the other from an "I'll get around to that soon" buyer -- to which offer would you devote the most attention? Even if the pre-qualified buyer's offer was $1000 less, would you take the chance on the buyer that perhaps may not be qualified? When it comes to a seller evaluating offers, "a bird in the hand..." definitely applies.
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