Jeff

Sr,
A pre-approval is welcomed by the buyer, as you will have had a credit check, income verification, etc for approval on a predetermined amount. This assumes you make no major changes (purchases, employment, income) between approval and funding. So they are very different. A pre-qual is done over the phone, typically. If you have been pre-approved, you will see this activity on your credit report immediately, and it may lower you score briefly by a few points, this is temporary. An experienced mortgage broker can do a pre-approval almost as quickly as they can do a pre-qualification, often within 24 hours, and usually there is no charge to do this, they want your business on the loan. Much of the detailed feedback on Trulia you will notice is 'state-specific', and often irrelevent to most of the readers. I've owned homes in four states (AR, CA, OH, TX), and they're all a little different, particularly OH, where I filled out at least 150 pages of documents in a simple closing on a new home.. - Sun May 18 2008, 20:54

In a distressed market, like the one I'm in as a buyer, the seller is covering all the closing costs. This isn't typical, but is the current state of the market here in GA. That's why you need to ask what's happening in your market right now, not what is 'normal'. - Sun May 18 2008, 20:23

What is your realtor doing? I'm guessing they'll re-engage for the paycheck if you get another lender's approval. - Sun May 18 2008, 19:57

I've done a few remodels....if the wall is not loadbearing, it's just labor and tieing off any electric. This is something that can be done by nearly anyone, and if it's your home, any electrical work can be done by the homeower if to NEC or local code is more strict, which is typically pretty remedial. The hardest part is making the two rooms 'match', as walls and ceilings may not line up exactly and drywall will be missing where the wall studs once stood along each outer wall. A good source for performing anything like this is actually a large 'home improvement' hardcover book at the big box homecenters (Lowe's, Home Depot) or a major bookstore. - Sat May 17 2008, 18:52