Hedge funder Scott Bommer, of SAB Capital, is in contract to sell three Lily Pond Lane properties in the Hamptons for $110 million in an off-market deal, The Post has learned.
A pre approval is based on the documentation the borrower supplies at the time of application, and any actual eligibility to receive the pre approved loan depends on the terms and conditions of the pre approval and ability to secure the loan before the pre approval expires.
Without good preparation, many buyers get lulled into the mistaken notion that if a lender pre-qualifies them for a mortgage this means that they have been pre-approved for a home loan. Unfortunately, there's a world of difference between these two terms.