5,772,593
I like Conrad Allen 's answer. A
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Nina Hollander, Broker
Charlotte, NC
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Lisa Von Domek
Dallas, TX
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Lise Howe
Washington, DC
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Pete Xavier
Pacific Palisades, CA
2,684,769
Pre-qualification means that the Lender believed whatever the would-be Buyer told them.
I want proof; I want pre-approval.
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Nina Hollander, Broker
Charlotte, NC
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Lisa Von Domek
Dallas, TX
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Melissa Jackson REALTOR
Azle, TX
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Pete Xavier
Pacific Palisades, CA
2,707,721
Pre-qual's are worthless, a pre-approval at least provides the information that the lender has a written application, verified credit score and open credit lines and down payment funds. But until a file goes to underwriting, the letter is only a "might close"
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Nina Hollander, Broker
Charlotte, NC
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Allie Angeloni
Oro Valley, AZ
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Pete Xavier
Pacific Palisades, CA
2,377,891
me!
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Nina Hollander, Broker
Charlotte, NC
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Lisa Von Domek
Dallas, TX
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Jack Lewitz
Evanston, IL
3,988,013
If I know the lender then I trust them. If it is an online lender or out of state unknown then I am nervous and have to question it.
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Roy Kelley
Gaithersburg, MD
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Nina Hollander, Broker
Charlotte, NC
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Lisa Von Domek
Dallas, TX
5,031,788
Pre-Qualification is a joke..preapproval is worth something. Cash is king!!
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Nina Hollander, Broker
Charlotte, NC
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Allie Angeloni
Oro Valley, AZ
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Lisa Von Domek
Dallas, TX
913,818
It depends on who prepared the pre-qualification letter. I've had some that were fine.
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Nina Hollander, Broker
Charlotte, NC
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Allie Angeloni
Oro Valley, AZ
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Lisa Von Domek
Dallas, TX
5,062,625
Me, myself and I. Where's the proof of qualifications!?
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Nina Hollander, Broker
Charlotte, NC
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Lisa Von Domek
Dallas, TX
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Pete Xavier
Pacific Palisades, CA
3,340,443
It is why we screen lenders...they are great if they are froma quaified professional source.
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Nina Hollander, Broker
Charlotte, NC
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Allie Angeloni
Oro Valley, AZ
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Lisa Von Domek
Dallas, TX
1,466,257
Jack Lewitz Whether a pre-qualification, pre-approval or a committment letter, they all have conditions. Until the conditions are removed, none of them mean much.
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Nina Hollander, Broker
Charlotte, NC
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Greg Large
Grove City, OH
823,679
I prefer pre-approval letters.
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Nina Hollander, Broker
Charlotte, NC
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Lisa Von Domek
Dallas, TX
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Fred Griffin Florida R...
Tallahassee, FL
921,504
They possess marginally more value than a verbal assurance of 'It's in my price range" and more value than the 'cash' buyer who says 'Trust me."
In the end 'Show me the money" will not be satisfied with a Pre-qual.
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Pete Xavier
Pacific Palisades, CA
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Bob Crane
Stevens Point, WI
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Shawn and Angela Miller
Lincoln, NE
1,624,953
We are required and require to provide a pre-approval letter along with the offer.
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Nina Hollander, Broker
Charlotte, NC
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Lisa Von Domek
Dallas, TX
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Fred Griffin Florida R...
Tallahassee, FL
956,722
A pre-qualification letter is overrated toilet paper. A pre-approval that is a real pre-approved loan commitment is always best (unlike pre-approvals from certain banks).
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Nina Hollander, Broker
Charlotte, NC
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Lisa Von Domek
Dallas, TX
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Fred Griffin Florida R...
Tallahassee, FL
321,564
I don't rely on them. I ask for pre approval letter and contact the lender.
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Nina Hollander, Broker
Charlotte, NC
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Lisa Von Domek
Dallas, TX
2,221,927
I always ask for pre approval letter.
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Lisa Von Domek
Dallas, TX
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Anthony Acosta - ALLAT...
Atlanta, GA
2,785,156
Worthless and ask any underwriter who has the final say so...thank you
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Nina Hollander, Broker
Charlotte, NC
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Pete Xavier
Pacific Palisades, CA
1,153,794
Saving my printer ink is a more worthy objective.
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Nina Hollander, Broker
Charlotte, NC
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Fred Griffin Florida R...
Tallahassee, FL
6,422,118
It means something, and how much depends on who wrote it, of course Cash means so much more.
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Allie Angeloni
Oro Valley, AZ
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Bob Crane
Stevens Point, WI
5,115,152
I think Conrad Allen has the definite answer here.
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Pete Xavier
Pacific Palisades, CA
991,652
*raises hand* - they hand them out like candy
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Jessie Cochran
Panama City, FL
2,538,633
Good morning Jack. I hope that is not the case, as I wouldn't give one to a client unless they could get a mortgage.
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Nina Hollander, Broker
Charlotte, NC
3,168,114
that's why I get conditional approval only on appraisal.
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Nina Hollander, Broker
Charlotte, NC
648,000
Totally agree, not worth the paper they are written on.
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Nina Hollander, Broker
Charlotte, NC
12,942
I do, sorry but there is no meat behind the pre-qual.
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Nina Hollander, Broker
Charlotte, NC
3,743,307
If they are printed on soft paper and you sneeze, they could come in handy!
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Nina Hollander, Broker
Charlotte, NC
902,238
They really don't. Any agent could do a pre-qual based on verbal numbers. A bank's pre-qual is all "subject to".
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Nina Hollander, Broker
Charlotte, NC
3,350,289
They do not mean anything to me. Best use for the paper is to pick up dog poop and then trash it.
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Nina Hollander, Broker
Charlotte, NC
4,800,132
5,878,935
In our strong Seller's market, it is best to have a pre-approval, and make your offer look stronger.
766,569
864,708
1,506,613
Only if they have had an actual review of the documentation and a first level underwriter review do I trust them.
4,904,820
3,071,489
4,583,484
7,869,077
3,416,038
4,319,773
Jack Lewitz in some cases, I go over the basic financials with some buyers who are far away in their purchase and want to establish the price range for their home.
35,544
1,525,616
3,986,308
They only get you to the possible top of the range but most will be lower.
4,434,177
1,209,215
I'd much rather receive an offer with one than without one. It also depends on who the lender is in my opinion.
182,965
The amount of time any Realtor spend on one transaction its not worth it.