Financing in 90048>Question Details

Squid, Home Buyer in Los Angeles, CA

Credit Checks/Pre-Approval

Asked by Squid, Los Angeles, CA Fri Apr 3, 2009

There are many REO bank-owned properties in my area and the listings say I would need to submit a pre-approval letter from my lender along with my offer. I am concerned because my agent says that often he and his clients make offers on several different homes before they get an offer accepted. How do I get around this without having to run my credit every time I make an offer? I have great credit and don't want to lower it with a bunch of inquiries. From my point of view, I should only have to run my credit one time and that is when I get an accepted offer. The bank has already given me a pre-qualifcation letter, but I'm being told that's not good enough.

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Dear Squid,

As a listing Realtor I will not encourage a seller to consider prospective buyers offer without a Lender's Pre-Approval Letter and valid Buyers Proof of Funds. When you receive a Pre-Approval credit report with buyers FICO score is required in Pre-Approval process. The Pre-Approval is valid for X number of days. Therefore, buyers are not running their own credit report each time they make an offer that information is inclusive in the Buyer's Pre-Approval from Lender. Hope this information helpful.

Gail Mercedes Cole
EXP Realty
0 votes Thank Flag Link Wed Jul 17, 2013
You need to ask your Realtor and lender these questions. There is an art to making offers, and a system.

They do not run your credit each time. Your lender should provide a letter tailored to the property on which you are writing an offer.

Do you and your Realtor have a plan, or are you just out writing offers? I recommend that you develop a strategy and stick to it. It will save you time, energy, money, and frustration.
0 votes Thank Flag Link Sat Apr 4, 2009
Keith Sorem, Real Estate Pro in Glendale, CA
Get approved with fannie mae and forget about it. Your lender should also be able to get your info to the other lender without having to run credit.
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0 votes Thank Flag Link Fri Apr 3, 2009

First of all if you are already pre-approved then they will not be running your credit, the lender is going to request copies of everything to make sure you are qualified. Secondly if you lender can give you a DU approval you shouldn't have a problem. For a good and honest lender please contact Al Rivera at (562) 587-5284
0 votes Thank Flag Link Fri Apr 3, 2009
It is unfortunate that the banks are requiring agents and their buyers to get pre-approved with their loan officers also. There really is no way around it, unless you want to skip those properties as Lynn states, but that is about 2/3 of the homes you won't be looking at. Now if you get pre-qualified with "John" at Wells Fargo, you don't need to get pre-qualified with "Susan" at Wells Fargo, you can use that same pre-approval letter. I hope that helped.

Good Luck,
0 votes Thank Flag Link Fri Apr 3, 2009
YEAH a home buyer who gets it!... GREAT COMMENTS ... !

YES there are some banks WHO ARE DEMANDING in order submit your offer your pre-approval letter should be from that lender who owns the property. YOUR OFFER CANT be submitted.

We work with clients purchasing homes WE KNOW LONGER forward properties to clients which have those lender specifications IF YOU RECEIVE an accepted offer... additional pull on your credit.

Have your buyers agent SKIP over those properties of those lenders. There are quite of few... all agents across the country dont appreciate that forced business practice including the home buyers.

~ National Featured Realtor and Consultant, Lecturer regarding Credit Repair, Mortgage Loan Officer
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0 votes Thank Flag Link Fri Apr 3, 2009
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