Every Realtor knows that showing a home to a non-qualified buyer is potentially wasting his or her valuable time and that of the home seller.  "Have you been pre-approved?," is a question many Realtors are taught to ask, but what does YES really mean?  Pre-approved has different meanings to different people, and certainly the buyer's interpretation can be a long way from reality.  My advice is to Realtors is to ask another question or two: 1) What is the name of the mortgage professional you are dealing with? (to see if an actual relationship has been established), and 2) When did they last review any of your documents and credit report? (to see at what stage of assessment prospect is at).  Depending on the prospect's answers, you can better prioritize your time and decide on best next steps.

How to finance home improvements

Yeah, but the house needs some work...

A common objection when a buyer prospect is looking at purchasing a home is that the property needs some sort of improvement, such as new carpets, new windows, new fence, new roof, garage, etc.

Solution

A number of mortgage lenders participate in a program called Purchase + Improvements, which means qualified home buyers can get reimbursement for pre-approved renovations made to their new home, which need to be completed immediately after taking possession of the purchased property.   All this can be done with one mortgage and with as little as 5% down.