Since every home seller’s situation is different, you should discuss the timing of your home sale with your Realtor.  In some cases, selling a home during the fall and winter months actually maybe better than waiting until the spring real estate market.  This is due to a combination of many factors including lower competition and that serious buyer’s are always looking for a home, just to mention a couple factors.

If you’re prequalified it means that you POTENTIALLY could get a loan for the amount stated to you, assuming that all of the information you provide to the bank is accurate and true. This is not as strong as a preapproval.

If you’re preapproved, it means that you have undergone the extensive financial background check, which includes looking at your credit history, previous tax returns and verifying your employment – and the lender is willing to give you a loan, basically meaning you’re approved!

You will usually be provided an accurate figure which shows the maximum amount that you are approved for.  Most sellers prefer buyers that have been preapproved because they know that there will not be any problems with the purchase of their home.