Agent2Agent in Yuba City>Question Details

Randy Stoker, Real Estate Pro in Yuba City, CA

Regarding pre-qualification for buyers: Does anyone use or accept Quicken on-line pre-qualification for buyers proof of approved financing?

Asked by Randy Stoker, Yuba City, CA Wed Apr 9, 2014

The local agents I work with will not accept Quicken on-line letters of pre-approval as the buyer inputs all the information and none of the "hard" questions are asked. Letters from local banks or mortgage advisors are required.

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Hello Randy, you would need a pre-approval letter to send in with any offers. It requires a few dozen questions to qualify and go over options and once one month paystubs, two month bank statements, 2012 and 2013 tax returns, W2's, 1099's, 1040's and all schedules, copies of drivers license/ID and socials security cards are received a pre-approval letter can be issued. A borrower may qualify FHA from a minimum 580 fico score and 3.5% down or as low as .5% half percent down payment program. Your buyer would need a minimum 620 fico score to qualify for conventional 5% down with NO Mortgage insurance (Lender paid MI).

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0 votes Thank Flag Link Fri Apr 25, 2014
Sheryl, I think you misread the question. The poster is a Realtor, he knows what the difference is, he was taking a poll.
Flag Sat Apr 26, 2014
Hi Randy

i am not fan of national brand mortgage company. i think it's a just assembly line system and you never know who is in other end of the phone. but many real estate agent would like to become a quicken preferred partner so I would welcome all client. my opinion before start showing or making any offer try to get pre approval from real loan officer :) not pre qual from computer.


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0 votes Thank Flag Link Thu Apr 10, 2014
Whether it is a mortgage broker, mortgage banker, on-line or in the grocery. You can ask for an approval letter that has been approved by an actual underwriter, not just an MLO.
0 votes Thank Flag Link Thu Apr 10, 2014
Jim Walker, Real Estate Pro in Carmichael, CA
It would depend on lending house to determine if that's acceptable. I suggest you check your lending agent for the most accurate information.
0 votes Thank Flag Link Thu Apr 10, 2014
A pre-qual pending verification of employment, deposit, source of funds is like having nothing at all. A pre-approval is still subject to a number of conditions, reason why a listing agent should always demand tight timelines for inspections, appraisal, lien search, loan commitment , etc. There will ALWAYS be that extra prayer for final underwriting review: Dear Lord, no surprises please, don't let the underwriter request something buyers cannot produce.

When it comes to making sure financing will go through, too much is never enough.
0 votes Thank Flag Link Thu Apr 10, 2014
I am from brasil and i wont to buy a house in miami, can you gave your email my is
Flag Sat Apr 12, 2014
Unfortunately short of a clear to close there is always a chance that a pre-qual and even a pre-approval may not get the house sold. It's a bit of a catch 22 but no lender is going to do the work of a clear to close until there is an accepted deal and to get the deal accepted a Seller wants solid proof they are qualified.
1 vote Thank Flag Link Thu Apr 10, 2014
Judi, if you would like an intro to a national lender who DOES provide a Clear to Close with companion GFE, give me a call or drop me a note.
I can see you recognize the value.
Annette Lawrence, Broker Associate
Remax Realtec Group
Palm Harbor, FL
Flag Thu Apr 10, 2014
No never used an on line "quicky," when the time comes for an offer to be presented, in SF Bay area, you better be ready with the real deal
1 vote Thank Flag Link Thu Apr 10, 2014
A 'pre-qualification' is like a verbal purchase offer...they are meaningless.

The next step up is a pre-approval. They are nearly meaningless because lender can 'find something' two day before closing and refuse the deal. Buyer has lost nearly $1,000 in inspection and appraisal and seller and buyer have prepared to move...and neither will be made whole.

A buyer with a 'Clear-To-Close' has successfully passed the lenders underwriting process and "HAVE the MONEY COMMITMENT.'

If you were a seller, which would you want, good intentions or a true commitment?

As a listing agent I would advise the seller to kick the Quicken pre-qualification to the curb until better credentials are presented.

If buyer B comes in with a 'Clear-to-CLose" and your buyers loses out, and you did not advise you buyer of the value of the pre-qualification, you need to understand, you caused your buyers to make a decision that was harmful to them.
1 vote Thank Flag Link Thu Apr 10, 2014
Hi Randy,

This might help you better understand why:

“Pre-Qualified vs. Pre-Approved vs. True Pre-Approval”

0 votes Thank Flag Link Wed Apr 9, 2014
The reason is simple. A Pre Qualification is simply a piece of paper based on a conversation with no documented proof of the facts being presented. .
What is needed is a Pre-approval which is based on documented proof of the applicants ability to qualify for the requested loan.
0 votes Thank Flag Link Wed Apr 9, 2014
I would say that if they are not accepting these pre-qual letters from quicken, they are probably doing so for a reason. Realtors don't normally create obstacles unless they have good reason.
0 votes Thank Flag Link Wed Apr 9, 2014
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