 TITLE: How to Win a Bidding War on a House CONTENT: Get a Preapproval Letter\n------------------------\nComing to the negotiation with a preapproval letter in hand shows the seller that you're serious about closing the deal—and that you're financially prepared to do so. Think of the mortgage preapproval process as the first step toward getting a home loan. It involves a thorough review of your finances, which includes your income, assets and credit information. The lender will then provide a letter that states your anticipated loan amount and interest rate based on the information you've provided.\nHaving a preapproval letter puts muscle behind your offer because it tells the seller that you're in a strong position to secure financing and have a lender ready to extend the funds to you. If they accept your offer, you'll still need to undergo the formal mortgage application process, but getting preapproved beforehand can help speed things along. What's more, most sellers won't even consider your offer unless you've been preapproved. END