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Rainmaker
920,173
Jennifer Mackay
Counts Real Estate Group, Inc. - Panama City, FL
Your Bay County Florida Realtor 850.774.6582

It depends on the property type really, but for the most part - specific is better IMO

Jun 29, 2016 09:56 PM
Rainmaker
140,895
Chrissi Chapman Topoleski
Coldwell Banker Realty - Woodbridge, VA
Passionate about helping others achieve success!

I like price-specific ones.

Jun 29, 2016 09:44 PM
Rainmaker
3,069,984
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

The one that can get the loan done!

Jun 29, 2016 09:34 PM
Rainmaker
558,130
Jason E. Gordon
AmeriFirst Financial Inc, San Diego, CA - San Diego, CA
Sr Loan Officer, CMA, CMPS, CDLP, CDRE, RCSD, CDPE

We run every Buyer through both a "manual" (DE Underwriter) and a "automated" underwriting system (DU/LP) up front to assure no surprises (so our clients can make offers with confidence). Once this is done, we customize as many pre-Approval letters as requested to match the negotiation strategies of our Borrowers/Agents. If Agents insisted on this protocol, we would flush out the bogus pre-Approval letters significantly.

Jul 02, 2016 04:22 AM
Rainmaker
4,799,501
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

I typically will ask a lender to give me an approval with the price we are offering and change it should we need to go higher.

Jun 30, 2016 02:30 AM
Rainmaker
1,231,599
Mary Yonkers
Alan Kells School of Real Estate/Howard Hanna Real Estate - Erie, PA
Erie/PA Real Estate Instructor

Doesn't matter as long as this buyer is qualified to purchase at offered price.

Jun 29, 2016 10:46 PM
Rainmaker
4,123,161
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

My lenders just ask me how I want the pre-approval written.

Jun 29, 2016 10:31 PM
Rainmaker
3,331,943
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

I like having both depending on the situation. For a buyer, i like the specific ones, as a listing agent, i want to see how high that buyer can go

Jun 29, 2016 10:24 PM
Rainmaker
6,613,881
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

They are usually based on price range rather than a specific property.

Jun 29, 2016 10:01 PM
Rainmaker
1,405,039
Raymond E. Camp
Ontario, NY
Licensed Real Estate Salesperson Greater Rochester

Most listing agents here want price specific not a general one.

Jun 29, 2016 09:34 PM
Rainmaker
4,433,703
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

I prefer general ones .

Jun 29, 2016 09:09 PM
Ambassador
4,259,392
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

I'm with Troy - it's not wise to show your hand to the sellers with the maximum pre-approval amount. 

Jul 04, 2017 08:41 PM
Rainmaker
882,439
Troy Erickson AZ Realtor (602) 295-6807
Good Company Real Estate - Chandler, AZ
Your Chandler, Ahwatukee, and East Valley Realtor

Sally and David - I typically will get property and price specific pre-approvals. I don't want a pre-approval that shows my buyer is pre-approved for $400,000, when they are only asking for a $340,000 loan.

Jul 02, 2016 05:20 AM
Ambassador
4,312,759
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Sally K. & David L. Hanson - usually I get the pre-approval prior to showing properties - so it is not specific to a home.

And with my lender, I do get an idea of limits for the buyers - that really helps.

Jun 30, 2016 04:44 PM
Rainmaker
1,387,828
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

I prefer:

"Mr. and Mrs. Buyer is pre-approved for $700,000 based on a full doc review and first round underwriter review."

I don't like property or price specific ones.  It makes negotiating a pain and looks silly if you have to submit a pre-approval with a different house's address because your lender couldn't be reached.

 

Then the last line states how good of a pre-approval it is!

Jun 30, 2016 01:49 PM
Ambassador
3,058,322
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

Price specific ... and the lender than can and will close!

Jun 30, 2016 02:30 AM
Rainmaker
5,571,934
Barbara Todaro
RE/MAX Executive Realty - Retired - Franklin, MA
Previously Affiliated with The Todaro Team

we've seen both.... and we play each one as it's delivered.... we make sure that the final letter confirms that the buyer does qualify for the final sale price that's negotiated....

Jun 30, 2016 02:10 AM
Rainmaker
4,017,133
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

A lender that will get the job done.

Jun 30, 2016 01:17 AM
Ambassador
1,616,354
Harry F. D'Elia III
RentVest - Phoenix, AZ
Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

I work with adjusted within the price range.

Jun 29, 2016 11:25 PM
Rainer
222,865
Bob Betel
Allstar Home Mortgage, Inc. - Sweetwater, TN
President, Allstar Home Mortgage, Inc

Thanks Sally K. & David L. Hanson for posting such a great question.

As a lender, I do both, but with a twist. I do a general when the buyer is just starting to look, then a property specific when they put in an offer. Most lenders use a 36% DTI and guess on the taxes and insurance figures. Fannie Mae will give approvals up to 45%, and FHA up to 55%, so there is a big range of what a buyer can get approved for. Here in Illinois, the taxes vary greatly in each town, and sometimes from each street, so you have to be careful on pre-approvals. On top of the pre-approval, I give the maximum monthly payment they can afford and give the buyer and Realtor the formulas to calculate them, so they know if they can afford it, before the show it. Adjusting the pre-approval takes me less than a minute, so that has never been a problem. Pre-Approvals are good for 90 days, before we need to re-run a credit report

Jun 29, 2016 11:01 PM
Rainmaker
1,640,286
Sandy Padula and Norm Padula, JD, GRI
HomeSmart Realty West - Carlsbad, CA
Presence, Persistence & Perseverance

I insist my buyers have property-specific Pre-Approvals, or not quite as good, Pre-Qualification Letters.

Jun 29, 2016 10:19 PM
Rainmaker
1,723,685
Lyn Sims
Schaumburg, IL
Schaumburg Real Estate Agent Retired

It actually works for a price range based on our taxes for different counties. Many lenders are not very flexible about it. I had one the other day where the pre-app already expired & it was only 5 days old. Why write it up then?

Jun 29, 2016 10:07 PM