Pursuant to Real Property Law #442-H, the Standardized Operating Procedure for Purchasers of Real Estate, Renovo Real Estate is making this Standardized Operating Procedure available on any publicly available website and mobile device application maintained by the Broker and its licensees and teams.
A copy of the Standardized Operating Procedure is available, upon request, at our office located at 1490 Saratoga Road, Suite 5, Ballston Spa, New York, 12020, or here.
Please be advised that prior to showing a potential buyer a property, Renovo Real Estate:
1. Does not require prospective buyer clients to show identification.*
2. Does not require exclusive buyer broker agreements.
3. Does not require pre-approval for a mortgage loan / proof of funds.*
*Although Broker may not require such information, a seller of real estate may require this information prior to showing the property and/or as part of any purchase offer.
Pre-qualification acts as a dry run of the loan application process. The mortgage lender will use details you provide about your credit, income, assets and debts to arrive at an estimate of how much mortgage you can afford. The whole process may take only minutes or a few hours at most, and is free.
While a “pre-qual” is non-binding to the lender (because the information you provide has not been verified), it does serve as a good indication to potential sellers of your general creditworthiness.
These days most sellers will NOT accept an offer without at least a pre-approval letter, so if you are serious about buying, this is the first step towards getting you in your new home.