Home Buying in Allentown>Question Details

jellybean195…, Both Buyer and Seller in Pottsville, PA

Any Any agents in the area; can you submit a offer with out a pre -approval letter since its not a legal document jellybean19526@yahoo.com

Asked by jellybean19526, Pottsville, PA Fri Feb 15, 2013

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Sure you can submit an offer without a pre-approval letter, however the seller would rather know that the buyer has purchasing power. They are more likely to chose the buyer with the letter, than the one without
2 votes Thank Flag Link Sat Feb 16, 2013
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Flag Sat Feb 16, 2013
The three previous answers are spot on. The only thing that I would add is what buyer's agent would show you homes and work with you before finding out if you were indeed qualified and able to get a mortgage? When it really boils down to it Realtors are commissioned salespeople. We only get paid when we go to settlement. If we don't make sure our clients are qualified we can waste a lot of time working and not getting paid for it.

For clients who don't need a mortgage and plan on paying cash, I ask for a letter from their bank or stock broker, on letterhead, stating that they have sufficient funds available to go thru with the transaction.

I have to ask why you don't want to get a pr-approval before you submit an offer? While you might feel you are qualified, you may not meet the lenders criteria for a mortgage. Many times I have had clients have unknown issue with their credit reports that need to be addressed before they can get a mortgage.
0 votes Thank Flag Link Sat Feb 16, 2013
Bob, in process of credit score upgrade 635 to a 660 former broker is helping me he is a credit Specialist now! However he can get us score wise to what we need to Qualify ,But he issues no pre approval letters, only credit score enhancement certificates!
He does not issue pre approvals
Flag Sat Feb 16, 2013
There are a number of documents that are not "legal" documents that are part of a real estate transaction. The Consumer Notice, The Estimate of Buyer's Closing Costs and other disclosures. The pre-qualification and pre-approval strengthen your offer. Just as the amount of earnest money strengthens your offer. It shows the seller that you are serious and not only have the intent but the ability to make the purchase. If the house has been on the market for a long time, the Seller may accept the offer pending your credit approval. But the Seller is entitled to know how the Buyer will be paying for the property. It is in fact part of the offer (PAR form ARS page 3 paragraph 8). If you would like more information on making an offer go to http://www.theRothsCare.com/making_an_offer.asp
0 votes Thank Flag Link Sat Feb 16, 2013
My sellers have the right to know that the buyer has the funds or credit to complete the purchase.
The purchae of a home is a serious transactions. Buyers must be able to fulfill there obligations as
far as their offer.

Elizabeth G. "LIZ" Schwarz, Realtor
PA lic# RS313691
lizschwarzrealtor@gmail.com
website http://www.house-hunting.com/LizSchwarz
Weichert Realtors Acclaim lic # RM421500
2920 Rte 611 Tannersville, PA 18372
direct 917-846-3020 efax 800-366-7429
main 570 629 6100 fax 570 629 6101
0 votes Thank Flag Link Fri Feb 15, 2013
You can submit an offer without a preapproval; but what seller would be willing to negotiate with you without having a statement that you can qualify? Although I get your point, a preapproval is not worth the paper it's written on, at least an attempt was made by a lender to have the buyers' credit checked, and possibly income info, so that the seller can feel comfortable entertaining the offer. If you are really interested in pursuing the purchase of a property, why not have a preapproval? You can go to the lender of your choice, so shop around.
0 votes Thank Flag Link Fri Feb 15, 2013
Well, I just fired my agent because she did 2 for us and this last one her boss would not let her do it! I am also working with a former broker who helps people with credit scores to get them Approved for a mortgage he will take phone calls and emails to verify , this company would not except that! Me i would prefer the phone call!
Flag Fri Feb 15, 2013
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