5,104,806
A solid pre-approval letter is always included with an offer to purchase. When I represent sellers I suggest they not give serious consideration to an offer until/unless we have a solid pre-approval from a reputable lender.
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Anita Clark
Warner Robins, GA
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Michael Setunsky
Woodbridge, VA
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Anthony Acosta - ALLAT...
Atlanta, GA
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Tony and Suzanne Marri...
Scottsdale, AZ
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Richard Weeks
Dallas, TX
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Brenda J. Andrew
Willis, TX
5,228,997
I don't ever have the letters written above the price that we're going in...then raise it as we go up, if need be. Sellers will counter if they're going to counter, regardless of the amount on the pre-approval but, there's no sense in playing all of your cards.
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Ari Taylor
Peabody, MA
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Fred Griffin Florida R...
Tallahassee, FL
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Tony and Suzanne Marri...
Scottsdale, AZ
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Brenda J. Andrew
Willis, TX
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Nina Hollander, Broker
Charlotte, NC
1,466,207
William Piotrowski Like Nina Hollander a pre-approval letter is always submitted with an offer. Pre-approval letters can be written to cover the list price. Should the buyer be qualified for a higher price, this doesn't give away their anything when negotiating.
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Diana White-Pettis
Upper Marlboro, MD
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Nina Hollander, Broker
Charlotte, NC
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Fred Griffin Florida R...
Tallahassee, FL
823,579
I agree with Nina Hollander - a pre-approval letter is included with the offers, but I do make sure that the pre-approval letter matches the offer amount (which can be adjusted later).
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Diana White-Pettis
Upper Marlboro, MD
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Fred Griffin Florida R...
Tallahassee, FL
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Nina Hollander, Broker
Charlotte, NC
1,035,056
In our market, we must submit the pre-approval with the offer. I do as others do and go in at offer price. We can always have it raised later, if need be (up to where they're qualified.)
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Fred Griffin Florida R...
Tallahassee, FL
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Brenda J. Andrew
Willis, TX
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Nina Hollander, Broker
Charlotte, NC
682,505
Our lenders give the pre-approval with the purchase price we offered. Most know it may be approved for more as they typically know we are negotiating. So, if you are approved at 600k and offering 580k. You want your letter to show 580k or not. Depends on the agent. I have also said they are approved for this much, but do not want to spend that much, nor want the payment. They know they are approved and we always submit with the offer. Those that don't and if there's a bidding war, sellers pass that one up since there is no proof of approval.
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Fred Griffin Florida R...
Tallahassee, FL
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Carol Williams
Wenatchee, WA
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Brenda J. Andrew
Willis, TX
4,319,419
William Piotrowski - there is nothing wrong to show our cards if we know they are the winners!
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Diana White-Pettis
Upper Marlboro, MD
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Brenda J. Andrew
Willis, TX
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Nina Hollander, Broker
Charlotte, NC
634,482
Yes and I do the same as Debe Maxwell. The letter is tailored to the current offer price.
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Debe Maxwell, CRS
Charlotte, NC
3,988,007
I do not get asked for this before the contract is accepted. I am in a small market and agents know if they get an offer from me the buyer is qualified and it will close.
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Debe Maxwell, CRS
Charlotte, NC
2,224,473
I have a pre approval letter prepared with the offering price.
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Debe Maxwell, CRS
Charlotte, NC
3,344,906
Pre-approval letters and proof of funds are submitted with offers as a matter of standard in my market. Cards are not shown. Letter shows the amount of the offer.
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Debe Maxwell, CRS
Charlotte, NC
4,935,551
I submit it with a contract, but it is a updated letter only covers what our price offer is.
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Debe Maxwell, CRS
Charlotte, NC
1,725,896
PA Letters are written at the offer price.
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Debe Maxwell, CRS
Charlotte, NC
989,552
They're pretty much required now with all offers here
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Debe Maxwell, CRS
Charlotte, NC
4,272,548
I see so many worthless pre-approval letters I have to read and rate each one of them.
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Debe Maxwell, CRS
Charlotte, NC
4,800,082
I hand over a pre-approval that is written for the current offer.
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Debe Maxwell, CRS
Charlotte, NC
809,258
Have the lender write the approval letter for the amount of the offer, not for more. But as others have said, what someone is approved for doesn't have much to do with what they are willing to pay, so just because the approval is higher doesn't mean the buyer will pay that. -Kasey
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Debe Maxwell, CRS
Charlotte, NC
5,048,708
I always share the pre-approval letter with the amount of the offer ( it can be revised as needed), and as a listing agent I want to see a pre-approval as well.
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Debe Maxwell, CRS
Charlotte, NC
2,684,009
My lenders will adjust the pre-approval letter to match the offer price.
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Debe Maxwell, CRS
Charlotte, NC
5,005,333
In our neck of the woods a pre-approval letter is expected when an offer is submitted. The seller wants to know the buyer has been in and talked with the lender and has his mortgage in process. If we have multiple offers we go with the buyers who have taken the time to make sure they can afford a home. Always have the letter with the offer amount..your not showing all your cards but it let's you play in the game! Always can be revised upward.
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Debe Maxwell, CRS
Charlotte, NC
2,220,323
The Pre-approval comes with the offer from the buyer.
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Anthony Acosta - ALLAT...
Atlanta, GA
921,504
You want the seller to take the house of the market?
Provide a compelling reason the seller can expect this buyer to actually close.
IF you and the lender are not smart enough to figure out how to NOT SHOW YOUR HAND, you both need a little bit more train'n.
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Debe Maxwell, CRS
Charlotte, NC
2,182,502
Listing Agent has an obligation to protect and guide THEIR client !
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Debe Maxwell, CRS
Charlotte, NC
3,071,489
556,536
Have the letter written with just the address of the house and the seller will see that the buyer can afford the house without any numbers involved.
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Debe Maxwell, CRS
Charlotte, NC
1,513,143
Mine would be with the offer and for the price we are starting at.
Some here are asking for one to show the home and it would be blank!
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Debe Maxwell, CRS
Charlotte, NC
2,435,649
I always submit a pre-approval letter with the offer. They don't even have to ask. But most mortgage professionals will provide a pre-approval that is adjusted for the offer if requested.
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Debe Maxwell, CRS
Charlotte, NC
4,434,127
911,228
If seller showing instructions say pre=approved buyers only, then I would provide the letter. You can always get a loan officer to issue more than one letter with diferent amounts on each.
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Debe Maxwell, CRS
Charlotte, NC
516,337
If I feel uncomfortable or if the property has not already been negotiated, then I'll ask the lender to write the letter for the price we are asking, or leave the price off completely. There are ways to handle it where you do not give up your negotiating power, plus just because the client is approved for more, doesn't always mean they are willing to pay more.
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Brenda J. Andrew
Willis, TX
1,157,785
I use appropriate negotiation techniques.
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Brenda J. Andrew
Willis, TX
6,392,879
Depends on how serious you are about the offer, I would not tie my property up with an accepted offer unless I was confident that it would close.
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Brenda J. Andrew
Willis, TX
1,045,440
5,868,372
Usually I have the lender letter written for a bit over contract price, but we always send over the letter with the offer, or it doesn't get accepted.
142,796
Yes, because the pre-approval letters are written based on the offer amount.
1,502,848
If the pre-approval letter isn't included with the offer the offer packet is incomplete and won't be presented until received. Seller's orders.
3,340,443
We will not present an offer to the Seller without one...why would any listing agent present an offer without knowing the Buyer can afford the house ?
7,834,939
3,986,258
3,587,835
Yes is is a requirement of our contract!! Plus, if I have the buyer I want the listing agent and the seller to know my buyers is well qualified and ready to close the deal. And if I am the LA of course the seller absolutely wants assurance the buyer can qualify. That just makes sense to me.
711,752
In our Oregon contracts, it is part of the deal that the preapproval will be shown either with the offer or so many days after acceptance. You weaken your buyer's position if you don't have a preapproval letter as the letter gives at least some idea that the buyer can qualify for a loan to purchase the listing.
56,940
I ask the lender for property specific letters so they can't see the whole amount they are approved for. The Pre-approval is needed for offers but they don't need to know they can afford more than they are offering!
900,008
5,215,388
I say we have one and the contract reflects our contractual obligations! Present the offer!
151,633
I've done it both ways - where I've had the lender send a letter over for the offer price and I've also sent it over with the full pre-approval amount.
I don't think it matters very much. Just because a buyer can afford more doesn't mean they will pay more.
In a multiple offer situation, it could actually work against you if you send it over to the listing agent in the amount of your offer.
3,416,038
As a listing agent, most buyers will not be getting in with out a pre qual letter. As a buyers agent, i have the loan officer write them for each property we see so that the highest number they qualify is not shown
1,543,225
Yep, it has nothing to do with the offer amount to me.
But first, I simply call Jason E. Gordon and say "hey bud, I need a $690K approval, so I don't have to show the full $750K approval" Bam! Buyers agents do that all day long in CA. Listing agents know they do that but somehow it helps when not in multiple offers.
I'm a good negotiator, so...
I'll give you my buyers $750K approval and hand you a $690K offer if that's all the market says your home is worth. The burden is on you to prove to me, the buyer and the appraiser of the market value being higher than the comps.
Caveat: unless my client is in love with the home, flush with cash and there's multiple offers-then the leverage flips to the seller.
It's not about what they can spend. It's about how much they will spend based on the comps. The appraisers will only allow the lender to back what they appraise the value at. It does no good to get an extra $30K the buyer will just get back after the appraisal.
4,881,462
When working with investors most deals are cash or hard money, seldom have to get a pre approval letter.