It is a common practice in the real estate industry for sellers to require buyers to get pre-approval for financing for any sale. This is true even in cases where a buyer has the liquid assets available to potentially purchase a property outright, without needing a mortgage. So why do sellers tend to require pre-approval for a mortgage before they will sell, and why should you do the same?
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While it would be nice to think that you can simply find your dream home on the market, one that doesn’t need any repairs or improvements, the fact is that almost any property you can find will need renovations at some point. However, if you are not careful, your renovations could cost you more than just the price of hiring a contractor. Here are five important things you should consider when you are renovating your home:
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