We are living in hard times as far as the mortgage industry goes. Banks have some amazingly strict and convoluted guidelines and policies for getting approved for a loan, and many people that used to be able to qualify, no longer can.
Even if they are self employed, make a lot of money and have been in business for awhile, they may have lots of write-offs and therefore do not have the ability to qualify for a loan.
So in short, confirming that your potential clients have pre-approval letters in their hands in the best way to ensure that you do not waste your time on an unqualified buyer.
Donne Knudsen provides more detail on this subject at the following location: