1,847,731
Not prequal - preapproval.
-
Michael Jacobs
Pasadena, CA
-
Nina Hollander, Broker
Charlotte, NC
-
Pete Xavier
Pacific Palisades, CA
-
Melissa Jackson REALTOR
Azle, TX
-
Frank Rubi
Metairie, LA
-
Maria Sapio
Carlisle, PA
-
Debe Maxwell, CRS
Charlotte, NC
-
Thomas J. Nelson, REAL...
La Jolla, CA
-
Kevin J. May
Hobe Sound, FL
-
Candice A. Donofrio
Fort Mohave, AZ
-
Michael Setunsky
Woodbridge, VA
-
Jill Murty, Realtor - ...
Laguna Niguel, CA
6,424,502
I always ask for a PreApproval letter before I consider the offer.
-
Michael Jacobs
Pasadena, CA
-
Nina Hollander, Broker
Charlotte, NC
-
Frank Rubi
Metairie, LA
-
Abby Stiller
Cape Coral, FL
-
Debe Maxwell, CRS
Charlotte, NC
-
Teri Pacitto
Westlake Village, CA
-
Thomas J. Nelson, REAL...
La Jolla, CA
-
Kevin J. May
Hobe Sound, FL
-
Bob Crane
Stevens Point, WI
1,554,939
No. They require to have a pre-approval letter. Pre-quals are meaningless.
-
Michael Jacobs
Pasadena, CA
-
Nina Hollander, Broker
Charlotte, NC
-
Jim Cheney
Santa Rosa, CA
-
Frank Rubi
Metairie, LA
-
Abby Stiller
Cape Coral, FL
-
Debe Maxwell, CRS
Charlotte, NC
-
Teri Pacitto
Westlake Village, CA
-
Thomas J. Nelson, REAL...
La Jolla, CA
991,752
In my area a pre-approval is becoming a requirement - it doesn't necessarily have to be at time of offer, but it does have to come within 24-48 hours
-
Michael Jacobs
Pasadena, CA
-
Nina Hollander, Broker
Charlotte, NC
-
Frank Rubi
Metairie, LA
-
Debe Maxwell, CRS
Charlotte, NC
-
Jennifer Mackay
Panama City, FL
-
Teri Pacitto
Westlake Village, CA
-
Thomas J. Nelson, REAL...
La Jolla, CA
-
Kevin J. May
Hobe Sound, FL
5,583,328
no .... nothing less than a PRE-APPROVAL LETTER....
-
Michael Jacobs
Pasadena, CA
-
Nina Hollander, Broker
Charlotte, NC
-
Frank Rubi
Metairie, LA
-
Debe Maxwell, CRS
Charlotte, NC
-
Teri Pacitto
Westlake Village, CA
-
Thomas J. Nelson, REAL...
La Jolla, CA
-
Kevin J. May
Hobe Sound, FL
-
Bob Crane
Stevens Point, WI
1,466,257
Jack Lewitz It should not include a prequal letter. The offer should include a preapproval letter from the lender. No letter, no offer.
-
Michael Jacobs
Pasadena, CA
-
Nina Hollander, Broker
Charlotte, NC
-
Frank Rubi
Metairie, LA
-
Debe Maxwell, CRS
Charlotte, NC
-
Teri Pacitto
Westlake Village, CA
-
Thomas J. Nelson, REAL...
La Jolla, CA
-
Kevin J. May
Hobe Sound, FL
2,195,349
PRE-Approval
-
Michael Jacobs
Pasadena, CA
-
Nina Hollander, Broker
Charlotte, NC
-
Frank Rubi
Metairie, LA
-
Debe Maxwell, CRS
Charlotte, NC
-
Teri Pacitto
Westlake Village, CA
-
Thomas J. Nelson, REAL...
La Jolla, CA
-
Kevin J. May
Hobe Sound, FL
5,245,390
Pre-approval trumps a useless piece of paper!
-
Michael Jacobs
Pasadena, CA
-
Nina Hollander, Broker
Charlotte, NC
-
Frank Rubi
Metairie, LA
-
Debe Maxwell, CRS
Charlotte, NC
-
Teri Pacitto
Westlake Village, CA
-
Thomas J. Nelson, REAL...
La Jolla, CA
-
Kevin J. May
Hobe Sound, FL
853,722
I always want to see a preapproval letter from a LOCAL lender.
-
Michael Jacobs
Pasadena, CA
-
Nina Hollander, Broker
Charlotte, NC
-
Frank Rubi
Metairie, LA
-
Debe Maxwell, CRS
Charlotte, NC
-
Thomas J. Nelson, REAL...
La Jolla, CA
-
Kevin J. May
Hobe Sound, FL
1,078,451
Nope - always have a preapproval letter, and it's always better to talk with the LO to ensure income & Asset docs, along with credit, have been reviewed. And to ensure automated underwriting has been completed if it's a loan product that uses that system.
-
Michael Jacobs
Pasadena, CA
-
Nina Hollander, Broker
Charlotte, NC
-
Pete Xavier
Pacific Palisades, CA
-
Margaret Rome Baltimor...
Pikesville, MD
-
Frank Rubi
Metairie, LA
1,525,616
I prefer pre-approval letters.
-
Michael Jacobs
Pasadena, CA
-
Nina Hollander, Broker
Charlotte, NC
-
Jim Cheney
Santa Rosa, CA
-
Frank Rubi
Metairie, LA
-
Debe Maxwell, CRS
Charlotte, NC
3,350,589
Absolutely NOT. Offers from buyers MUST include a pre-approval letter and proof of funds. A pre-qual won't cut the mustard in my world.
-
Michael Jacobs
Pasadena, CA
-
Nina Hollander, Broker
Charlotte, NC
-
Jim Cheney
Santa Rosa, CA
-
Frank Rubi
Metairie, LA
-
Debe Maxwell, CRS
Charlotte, NC
5,063,180
No, it must be a pre-approval. I haven't had an offer without one in years
-
Michael Jacobs
Pasadena, CA
-
Nina Hollander, Broker
Charlotte, NC
-
Jim Cheney
Santa Rosa, CA
-
Frank Rubi
Metairie, LA
-
Debe Maxwell, CRS
Charlotte, NC
1,027,602
In our market, it is customary to have a preApproval letter accompany the offer. In fact, we advise our sellers that until we have received that letter and had a conversation with the loan officer, no decisions should be made. In multiple offer situations, those offers just go in the "no" pile if no letter is forthcoming after being asked specifically to provide one.
-
Michael Jacobs
Pasadena, CA
-
Nina Hollander, Broker
Charlotte, NC
-
Frank Rubi
Metairie, LA
-
Debe Maxwell, CRS
Charlotte, NC
-
Teri Pacitto
Westlake Village, CA
759,935
Absolutely, the offer should be accompanied by a preapproval letter or the proof of Funds. We also like to have a copy of the deposit check & signed disclosures here. I've only had one agent push to have her client's offer presented without the preapproval. You can guess how that went.
-
Michael Jacobs
Pasadena, CA
-
Frank Rubi
Metairie, LA
-
Debe Maxwell, CRS
Charlotte, NC
-
Thomas J. Nelson, REAL...
La Jolla, CA
-
Bob Crane
Stevens Point, WI
2,190,182
The answer is unanimous! Nothing short of a Pre-approval.
-
Michael Jacobs
Pasadena, CA
-
Nina Hollander, Broker
Charlotte, NC
-
Frank Rubi
Metairie, LA
-
Debe Maxwell, CRS
Charlotte, NC
809,258
Pre-approval is better. Pre-qual if that is all you can get at the time. In general buyer offers are stronger with pre-approval or proof of funds. However, I am closing on a home tomorrow in which the buyer hadn't even applied for her loan (repeat client and I knew her financial picture peeps, don't freak out that I took her out without lender approval ;-). Our contract has a spot where we check a box if they have applied or not applied for a loan yet and how long they have to apply for it and get a pre-approval to the seller. I marked it appropriately, we offered on Sunday and had a signed contract by Sunday night. Pre-approval was issued Tuesday. I did talk to the listing agent and let him know who she was going to work with on the loan, a well respected loan officer and company in my area, which was helpful.
I don't recommend this approach - in fact I don't like it at all, a pre-approval and ducks in a row are ideal, but for her I wasn't going to say no to writing the offer and I'm glad the listing agent didn't insist upon a pre-approval before offer acceptance. We followed the contract and everyone is happy.
Multiple offer situations, no pre-approval, no chance. -Kasey
-
Michael Jacobs
Pasadena, CA
-
Nina Hollander, Broker
Charlotte, NC
-
Frank Rubi
Metairie, LA
-
Debe Maxwell, CRS
Charlotte, NC
1,625,253
Without a pre-approval from a solid lender and proof of funds I would not pass it on to a seller. And I'd never send an offer without those two.
-
Michael Jacobs
Pasadena, CA
-
Nina Hollander, Broker
Charlotte, NC
-
Frank Rubi
Metairie, LA
717,035
Absolutely. Although there is a difference between "prequal and preapproval." But every seller should know that the person offering to purchase their home can afford it and will be able to get their loan. Otherwise, the whole deal is a waste of time.
-
Michael Jacobs
Pasadena, CA
-
Frank Rubi
Metairie, LA
-
Debe Maxwell, CRS
Charlotte, NC
1,242,204
Should come with a call from the lender that the buyer is very strong buyer.
-
Michael Jacobs
Pasadena, CA
-
Frank Rubi
Metairie, LA
-
Debe Maxwell, CRS
Charlotte, NC
142,796
Yes, the offers should include the pre-approval letter if they are serious about the purchase.
-
Michael Jacobs
Pasadena, CA
-
Frank Rubi
Metairie, LA
-
Debe Maxwell, CRS
Charlotte, NC
4,906,660
If that is what the sellers wants.
-
Michael Jacobs
Pasadena, CA
-
Debe Maxwell, CRS
Charlotte, NC
-
Kasey & John Boles
Boise, ID
1,513,143
Yes and Yes!!!!!!!!!!!!!!!!!!!!!!!!
-
Michael Jacobs
Pasadena, CA
-
Debe Maxwell, CRS
Charlotte, NC
-
Bob Crane
Stevens Point, WI
4,319,873
Jack Lewitz - no pre-qual here. Must be pre-approval to be considered seriously.
-
Michael Jacobs
Pasadena, CA
-
Nina Hollander, Broker
Charlotte, NC
902,428
Not a pre-qual, anyone can do that, even a realtor. You need a pre-approval letter from a financial institution for the appropriate amount, if your buyers are financing the home, or proof of funds if it's a cash deal.
-
Michael Jacobs
Pasadena, CA
-
Frank Rubi
Metairie, LA
788,803
yes, yes and yes a Pre-approval letter.
-
Michael Jacobs
Pasadena, CA
-
Frank Rubi
Metairie, LA
5,258,239
Sellers will not accept Offers without a pre-approval letter - not in this market!
-
Michael Jacobs
Pasadena, CA
-
Frank Rubi
Metairie, LA
4,723,745
In Arizona, we have a pre-qual form that is signed off on by the lender to verify that the buyer making an offer is indeed able to qualify for a loan. I believe this is very important to include with an offer being presented.
-
Michael Jacobs
Pasadena, CA
-
Debe Maxwell, CRS
Charlotte, NC
1,617,916
yes that would assist
-
Michael Jacobs
Pasadena, CA
-
Debe Maxwell, CRS
Charlotte, NC
352,976
5,773,239
Jack,
Pre-approval
-
Michael Jacobs
Pasadena, CA
-
Frank Rubi
Metairie, LA
1,153,794
Anyone can get prequalified. It's a preapproval that'll take your offer to the next level. Don't leave home without one!
-
Michael Jacobs
Pasadena, CA
-
Frank Rubi
Metairie, LA
1,057,554
Yes, they're pretty much a required element of our contracts. Otherwise, the offer's pretty week if they're not paying all cash
-
Michael Jacobs
Pasadena, CA
-
Frank Rubi
Metairie, LA
4,800,132
Most of the time, I would.
-
Michael Jacobs
Pasadena, CA
-
Frank Rubi
Metairie, LA
2,459,243
Absolutely, but a preapproval letter is even better.
-
Michael Jacobs
Pasadena, CA
-
Frank Rubi
Metairie, LA
3,416,038
Every offer should be accompanied by a pre qual letter from a local and trusted bank or mortgage company or a POF for cash offers. I like to take it a step further and get a pre approval letter for my buyers
-
Michael Jacobs
Pasadena, CA
-
Frank Rubi
Metairie, LA
259,105
5,116,528
No... they are not worth the paper they are printed on. I want a full-out pre-approval letter after the basic file has been passed under an underwriter's nose.
-
Michael Jacobs
Pasadena, CA
3,071,589
We post offer instructions in the MLS listiong. It stipulates that the form referenced in the contract be attached to the offer...
-
Michael Jacobs
Pasadena, CA
7,870,816
3,864,641
Is a pig's butt pork?
Get it in writing and then talk to the lender.
Cash offers... POF show me the money.
-
Michael Jacobs
Pasadena, CA
3,988,013
Some agents require them and I have no problem providing one with the buyer's permission.
-
Michael Jacobs
Pasadena, CA
321,564
3,986,308
509,449
I would not even look at an offer without a preapproval letter or proof of funds. If it's not included in the offer I will notify the buyer's agent.
-
Michael Jacobs
Pasadena, CA
2,684,769
3,590,541
We have a formal pre- qualification form (more like a pre-approval) that is incorporated into our contract and it is required to submit it along with the offer. Why in heavens name would a seller even think about an offer if you don't have any idea of 'if' the buyer is able to purchase. I had an agent send me some internet lender pre-qual and we asked her to submit the proper form - she didn't and seller said reject the offer. She was stunned - why I don't know.
-
Michael Jacobs
Pasadena, CA
2,073,399
I don't know about "should". Whether you require one, or not, is dependent on how you run your business model.
Personally, I don't find a prequalification letter to be strong enough and ask all buyers to supply a preapproval, which typically indicates that they've done a little more due-diligence to determine that the buyer can truly obtain the loan.
-
Michael Jacobs
Pasadena, CA
971,183
564,494
2,785,456
If you want to get right to it YES. Note: My dialog brings out the mandatories
-
Michael Jacobs
Pasadena, CA
846,475
1,157,791
It is not a requirement in my jurisdiction. A prequalification letter has limited utility.
-
Michael Jacobs
Pasadena, CA
400,356
I was going to say precisely what Lyn Sims said.
-
Michael Jacobs
Pasadena, CA
921,504
Offers will not be signed without ALL of the documents listed in the 'How to submit your offer' directives shown in the agent only section of the MLS.
Some agents are reading challenged and simply add to the time of execution putting their buyer at risk losing to an agent who does read.
That gives the listing agent the opportunity to 'shop' the offer.
-
Michael Jacobs
Pasadena, CA
1,045,440
4,967,077
I would say always, I put it in broker remarks that all offer must have the lender information also.
5,879,125
In our crazy Seller's market, if there is not a preapproval letter, they are not considered.
1,712,876
4,584,146