Financing in 90706>Question Details

Michael Chav…, Home Buyer in Bellflower, CA

My question is how long does the buyer have to provide a pre-approval letter from another institution?

Asked by Michael Chavez, Bellflower, CA Tue Oct 21, 2008

My offer was passed up although I provided financing through another institution. The listing agent only gave me a few hours to come with the letter and eventually passed me up as I did not get the letter to her on time. I found out later that a higher bid was taken and the listing agent and the selling agent were related.

HELP!!!

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Putting together a complete package is important. When submitting an offer, time is always of the essence. Be prepared. Have your pre-approval letter, fico scores, bank statements (proof of funds)
ready to go with any offer. I dont think it matters that the listing agent and the selling agent were related. The seller accepted the offer because it met all of the sellers needs and the supporting documentation was in place.
0 votes Thank Flag Link Tue Jan 28, 2014
Just remember there are laws that protect consumers against unethical Agents. Unfortunately, most consumers just take the beating and figure it's too much trouble to turn someone in. Remember, R.E. Agents have Brokers (their boss) and the Broker and or Agent should belong to a Board. FYI.
0 votes Thank Flag Link Wed Feb 15, 2012
ask your agent to coordinate with your home mortgage consultant, that help determine the time for you
0 votes Thank Flag Link Tue Feb 14, 2012
Hello Michael,

I try to have my buyers cross pre- approved. I have them get pre-approved by at least two major lenders from the start. When I submit offers I make sure to stress my buyer has already been crossed pre-approved and I provide the pre approval letters from both lenders with our offer. Being crossed pre approved shows your strength as a buyer.

In your case if the escrow has not yet closed, have your agent ask if they will accept a back up offer from you. Many times just because someone accepted an offer with a higher sales price dose not mean the deal will actually go through. Deals fall out of escrow often, and if the listing agent has a solid back up offer already on hand from you , you may be in luck.

Best of luck to you,

Kawain Payne, Realtor
714-293-1151
0 votes Thank Flag Link Tue Feb 14, 2012
Thank you for the quick answer Scott. Please understand that I already had a pre-approval letter submitted with my bid. The listing agent contacted my agent to see if we were still interested with the condition that we get another pre-approval letter from the preferred lender. As a side note this property was in back up status at the time.
0 votes Thank Flag Link Tue Oct 21, 2008
unfortanately it happens, a buyer really needs to have a pre approval letter on file and include it with all offers, you need to go the extra step from from just being prequalified which isnt worth the paper its written on to get the pre approval, submit an application, turn in your pay stubs and banks statements so next time you are ready when its time to put in an offer. as well you should have a buyer broker that can assist you with purchasing so you dont get pushed around.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Tue Oct 21, 2008
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