Frequently Asked Questions 

The preapproval letter is a tool typically drafted by a loan originator to be used by a buyer's real estate agent when presenting an offer on a property.  The preapproval letter is intended to assure the sellers and the listing agent that the buyer has been approved by the lender and therefore accepting an offer from this buyer, there should ideally not be any financing issues with the buyer.

Radon is a naturally occurring radioactive gas produced by the decay of uranium in soil and rocks and has been identified as a leading cause of lung cancer, second only to cigarette smoking in the United States according to the EPA.  Radon can enter homes through cracks in the floor or foundation walls, or through slab openings for sump pumps and plumbing.  The EPA's most recent health risk assessment estimates that 20,000 lung cancer deaths each year are due to radon.  You cannot see or smell radon because it is a colorless, odorless gas.  The only way to know whether radon exists in elevated levels in a home is to have a radon test done.

A short sale is a sale of a house which the proceeds fall short of what the owner still owes on the mortgage.  Many lenders will agree to accept the proceeds of a short sale and forgive the rest of what is owed on the mortgage when the owner cannot make the mortgage payments.