[redwitch]

A caveat about "pre-qualified" buyers. Do not consider someone pre-qualified just because they have a letter from a mortgage broker. All that means is that the mortgage officer looked at a credit rating (or took the buyer's word that what they said they had for credit was it), took their income, figured out their ratios and said, yup, they qualify. They rarely go through the complete process -- mainly because the documents are only valid for a certain period of time and then must be totally processed again. About the only valid pre-qualification is a letter from bank and even that is iffy.

The best a pre-qualification can do is at least let you know that the odds are a little more in favor of this purchaser having a shot at a mortgage. Read the caveats in the qualification letter -- they will usually say something like "depending on verification."