Getting Pre-Approved: Why It’s a Game-Changer for Buyers and REALTORS®...
- Nova Scotia Home Finder
- Nov 24, 2025
- 2 min read
...Especially in Multiple Offer Situations
When you're ready to buy a home, getting a mortgage pre-approval might just be the most important step before you start house hunting. It’s not only a huge advantage for buyers but also a powerful tool for REALTORS® and it can often be the difference between winning your dream home in a multiple offer battle or losing out.
How Pre-Approval Helps You as a Buyer
A mortgage pre-approval is a lender’s written confirmation that you qualify for a loan up to a certain amount based on your finances, such as income, credit score, and debts. It tells you exactly what you can afford and gives you confidence when making offers. Sellers take pre-approved buyers seriously because it reduces uncertainty about financing, which means your offers are more credible and likely to be accepted.
The REALTOR®'s Advantage
For REALTORS®, pre-approval isn’t just helpful—it’s essential. It helps them:
Filter serious buyers: Agents can focus their time and energy on clients who are financially ready, making the search more efficient.
Create targeted home searches: Knowing the buyer's budget sharpens the home hunt and reduces wasted showings.
Strengthen negotiations: Offers backed by pre-approval often have fewer financing contingencies, making sellers more likely to choose those offers over others.
Speed up closings: With much of the financial vetting done upfront, deals move faster, reducing delays and stress for everyone involved.
Protect their reputation: Presenting buyers with strong financial backing makes REALTORS® look professional and reliable, boosting their standing with sellers and within the market.
The Multiple Offer Scenario: Why Pre-Approval Often Seals the Deal
In hot real estate markets, sellers often get multiple offers. A mortgage pre-approval can be the tiebreaker if two buyers submit similar offers. Sellers and listing agents tend to favour buyers who bring financial certainty to the table because it means the deal is less likely to fall through. Sometimes, a pre-approved offer is even selected over a higher bid if the other buyer’s financing is uncertain or not yet secured.
Bonus Tips for Buyers:
While a pre-approval is a major plus, being pre-approved with full underwriting (where the lender has verified your documents thoroughly) will boost your credibility even more.
Work with your REALTOR® and mortgage broker to ensure your pre-approval is strong and current, you want it to reflect your maximum borrowing power and current interest rates.
In competitive markets, having a pre-offer home inspection can allow some buyers to waive inspection conditions, making offers even more attractive alongside the pre-approval letter.
Final Thought
Getting pre-approved is about more than just knowing what you can afford. It’s a strategic advantage that empowers buyers, makes the REALTOR®’s job easier, and most importantly, can help you secure your home in competitive situations. If you want to put your best foot forward when buying, start with pre-approval—it could be the difference between accepted offer and missed opportunity.
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