Why should property sellers only deal with pre-approved buyers?

Gabriela is selling her Dubai property. She wants to know if she should only deal with pre-approved buyers.

Gabriela: “I want to sell my apartment and I found a buyer who’s really interested and he’s potentially gonna

buy this apartment, buy before we sign the purchase agreement, I asked him if he got the pre-approval for his mortgage,

and he said he didn’t. Now, I don’t know if I should push through with the signing process,

or if I should hold off. ”

Legal Consultant, Ahmed Odeh:

“Thank you for the question, Gabriela. First off, it is always recommended to sign sale and purchase agreements with either cash buyers

or buyers with pre-approved mortgages. Signing the sale and purchase agreement with a buyer that is not pre-approved, may run the risk of the deal

not going through. Yes, the buyer would have lost his deposit, but you would have also wasted valuable time that would have otherwise been

spent on finding serious buyers. So I would recommend that you request the buyer to obtain pre-approval, before signing the sale

and purchase agreement. And this is to confirm that the property purchase price is within the buyer’s budget.

I hope I’ve answered your question.”

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