One of the biggest headaches any home seller can experience is working with an interested buyer and negotiating a sales price, only to find days or weeks later that the buyer is unable to obtain a mortgage. That's precious time wasted and perhaps you even turned down offers from other interested parties.

According to the Mortgage Bankers Association, roughly half of all mortgage applications are being rejected. Lenders aren’t giving mortgages to just anyone nowadays. They’re turning down applicants who don’t have a high enough credit score or are not making a sufficient down payment.

As a seller, you’ll want to focus your attention on those who can afford your home and can get the necessary mortgage necessary. Ask interested buyers if they have a pre-approval letter from a mortgage lender. They might say that they are “pre-qualified,” which isn’t as strong as being pre-approved because the lender has not verified the buyer’s credit score, income, assets or liabilities. (click here for more about pre-qualified vs. pre-approved).

If the buyer is pre-approved, great! If not, before you spend any significant amount of time negotiating a sales price, ask that they take the important step of getting pre-approved. Not only will you be putting yourself in a situation to only work with those who are more likely to get a mortgage, you will be providing sound advice to buyers who will gain more confidence in buying a “for sale by owner” home without the help of a real estate agent.

Tell them to visit local banks that handle mortgages or contact any of the large home lenders, such as Wells Fargo or Bank of America, to get a pre-approval letter. Online lender Quicken Loans can even help buyers get fully approved for up to four months while they shop for a home.

Having your buyer get pre-approved is actually a very simple process and will benefit both you and the buyer.