William  Piotrowski, Just Call William 630-881-8655 (Diamond Residential Mortgage Corporation )

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Rainmaker
4,496,675
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

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.

Feb 03, 2017 03:51 AM
Ambassador
4,555,822
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

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.  

Feb 02, 2017 10:46 PM
Rainmaker
1,466,027
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

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.

Feb 03, 2017 06:20 AM
Rainmaker
808,802
Susan Laxson CRS
Premiere Plus Realty - Naples, FL
Realtor in Naples & Marco Island, FL

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).

Feb 03, 2017 04:56 AM
Rainmaker
983,032
Elyse Berman, PA
Best Connections Realty, Inc. - Boca Raton, FL
Boca Raton FL (561) 716-7824

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.)

Feb 03, 2017 03:20 AM
Rainmaker
680,229
CA COASTAL ESTATES Lauren Selinsky Perez CRS
California Coastal Estates - Aliso Viejo, CA
"Your Real Estate Broker" #oclauren

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.

Feb 03, 2017 12:34 AM
Ambassador
4,316,215
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

William Piotrowski - there is nothing wrong to show our cards if we know they are the winners!

Feb 02, 2017 10:37 PM
Rainmaker
634,382
Kathleen Luiten
Resort and Second-Home Specialist - Princeville, HI
Kauai Luxury Ocean Home Sales

Yes and I do the same as Debe Maxwell. The letter is tailored to the current offer price.

Feb 04, 2017 11:56 AM
Ambassador
3,987,010
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

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.

Feb 03, 2017 08:19 PM
Rainmaker
2,224,167
Debbie Laity
Cedaredge Land Company - Cedaredge, CO
Your Real Estate Resource for Delta County, CO

I have a pre approval letter prepared with the offering price. 

Feb 03, 2017 06:39 PM
Ambassador
3,159,185
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

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. 

Feb 03, 2017 01:31 PM
Rainmaker
4,339,826
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

I submit it with a contract, but it is a updated letter only covers what our price offer is.

 

Feb 03, 2017 01:07 PM
Rainmaker
1,672,615
Sandy Padula and Norm Padula, JD, GRI
HomeSmart Realty West - Carlsbad, CA
Presence, Persistence & Perseverance

PA Letters are written at the offer price.

Feb 03, 2017 12:38 PM
Rainmaker
945,923
Jennifer Mackay
Counts Real Estate Group, Inc. - Panama City, FL
Your Bay County Florida Realtor 850.774.6582

They're pretty much required now with all offers here

Feb 03, 2017 08:56 AM
Ambassador
3,987,431
Paul S. Henderson, REALTOR®, CRS
Fathom Realty Washington LLC - Tacoma, WA
South Puget Sound Washington Agent/Broker!

I see so many worthless pre-approval letters I have to read and rate each one of them.

Feb 03, 2017 08:24 AM
Rainmaker
4,799,732
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

I hand over a pre-approval that is written for the current offer.

Feb 03, 2017 08:23 AM
Rainmaker
808,903
Kasey & John Boles
Jon Gosche Real Estate, LLC - BoiseMeridianRealEstate.com - Boise, ID
Boise & Meridian, ID Ada/Canyon/Gem/Boise Counties

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

Feb 03, 2017 07:50 AM
Ambassador
4,745,029
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

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.

Feb 03, 2017 07:20 AM
Ambassador
2,609,088
Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

 My lenders will adjust the pre-approval letter to match the offer price.

Feb 03, 2017 07:07 AM
Rainmaker
4,391,937
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

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.

Feb 03, 2017 06:08 AM
Rainmaker
2,157,613
Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

The Pre-approval comes with the offer from the buyer.

Feb 03, 2017 05:45 AM
Rainmaker
916,198
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

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.

Feb 03, 2017 05:02 AM
Rainmaker
2,054,999
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

Listing Agent has an obligation to protect and guide THEIR client !

Feb 03, 2017 04:45 AM
Rainmaker
3,070,984
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Nina Hollander nailed this one!

Feb 03, 2017 04:41 AM
Rainmaker
538,326
Greg Cremia
Shore Realty of the Outer Banks - Nags Head, NC

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.

Feb 03, 2017 04:34 AM
Rainmaker
1,449,083
Raymond E. Camp
Ontario, NY
Licensed Real Estate Salesperson Greater Rochester

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!

Feb 03, 2017 04:21 AM
Ambassador
2,079,748
Kat Palmiotti
406-270-3667, kat@thehousekat.com, Broker/REALTOR® - Kalispell, MT
Helping your Montana dreams take root

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.

Feb 03, 2017 04:16 AM
Rainmaker
4,433,809
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Yes

Feb 03, 2017 04:05 AM
Rainmaker
870,828
Jeff Pearl
RE/MAX Distinctive / LIC in VA - Lovettsville, VA
Full Service Full Time Realtor

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.

Feb 03, 2017 04:04 AM
Rainmaker
462,870
Brenda J. Andrew
ULTIMA REAL ESTATE - Willis, TX
Professional Realtor in Willis, TX

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.  

Feb 03, 2017 03:59 AM
Rainmaker
1,157,535
FN LN
Toronto, ON

I use appropriate negotiation techniques.

Feb 03, 2017 03:13 AM
Ambassador
5,758,994
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

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.

Feb 03, 2017 03:02 AM
Rainmaker
1,045,215
Dave Martin (703) 585-4687
Fairfax Realty - Fairfax, VA
Making Realty Dreams a Reality #WeWillGetYouHome

Of course it does and can depending on how you have the lender write the pre-approval letter 

 

    

Feb 02, 2018 08:29 PM
Rainmaker
5,329,848
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

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.

Feb 06, 2017 02:02 PM
Rainmaker
142,746
Diana White-Pettis
Bennett Realty Solutions - Upper Marlboro, MD
GRI, CDPE, CNE, WHC Upper Marlboro Homes for Sale

Yes, because the pre-approval letters are written based on the offer amount.

Feb 04, 2017 03:18 PM
Rainmaker
1,430,961
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

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.

Feb 04, 2017 01:14 PM
Rainmaker
3,335,383
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Real Estate Agents - Luxury - Divorce

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 ?

Feb 04, 2017 11:17 AM
Rainmaker
7,041,773
Roy Kelley
Retired - Gaithersburg, MD

Yes. The letter is included in the offer. 

Feb 04, 2017 05:17 AM
Rainmaker
3,986,000
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

I have a very generic letter I have my clients to proceed with

Feb 03, 2017 07:46 PM
Ambassador
3,403,890
Anna Banana Kruchten CRS, Phoenix Broker
HomeSmart Real Estate BR030809000 - Phoenix, AZ
602-380-4886

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.

Feb 03, 2017 11:55 AM
Rainmaker
609,550
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

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.

Feb 03, 2017 11:22 AM
Rainer
56,890
Ari Taylor
Century 21 North Shore - Peabody, MA
Realtor with Century 21 North Shore!

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!

Feb 03, 2017 07:22 AM
Rainmaker
849,792
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

The pre-approval letter doesn't need to be price-specific.

Feb 03, 2017 07:04 AM
Rainmaker
4,572,684
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

I say we have one and the contract reflects our contractual obligations! Present the offer!

Feb 03, 2017 06:26 AM
Rainmaker
146,758
Julie Larson Realtor® Sarasota FL 941-284-9826
White Sands Realty Group FL | 941-284-9826 | Serving Sarasota, Manatee & Charlotte Counties - Sarasota, FL
When you're thinking of moving...ThinkSuncoast.com

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.

Feb 03, 2017 06:22 AM
Rainmaker
3,385,252
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

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

Feb 03, 2017 05:38 AM
Rainmaker
1,358,959
Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

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.

Feb 03, 2017 04:58 AM
Rainmaker
4,356,086
Richard Weeks
Dallas, TX
REALTOR®, Broker

When working with investors most deals are cash or hard money, seldom have to get a pre approval letter.

Feb 03, 2017 04:25 AM