ANSWER: The Pre-qualification process establishes a range in purchasing power a buyer/s has as it relates to identifying hospitality properties that best fit their financial qualifications and professional/personal objectives.
A Pre-Qualified Buyer identifies a person or persons as having submitted, the required proofs and documentation for verification and analysis; prior to identifying or contracting to purchase a specific hospitality property. This process must be completed on all parties with 20% stock interest beginning with a complete application including, identification/s, Financial Statement/s, Account Statements, Credit Scores, Personal Debt Schedule, three (3) most recent years Federal Tax Returns and Resumes for all partners.
Realtors and sellers alike are more receptive to investing time with a Pre-qualified buyer, because their qualifications and assets have been independently verified. A Pre-qualified Buyer negotiates with confidence knowing they have the capacity to consummate a transaction.