Home Buying in Reading>Question Details

jellybean195…, Both Buyer and Seller in Pottsville, PA

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

Help the community by answering this question:


If you provide your income documents, assets (checking/savings) to your lender and you have the credit score/history to support an approval you can obtain a pre-approval letter within 45 minutes in most cases.

Like Sharon and others have stated no agent will submit an offer without the pre-approval and if its submitted most likely it will not be accepted.

If you need assistance with your pre-approval and you might be worried about your credit history please contact me. I have worked with varies of credit profiles and often find most people's credit isn't all that bad.

Good luck and I hope we have provided you the answers you were looking for from your question.
1 vote Thank Flag Link Sat Feb 16, 2013
A pre-approval is not worthless. With a pre-approval, credit, assets and liabilities are verified so the lender knows your circumstances are such that it is possible to loan you the money. As long as your circumstances don't change, neither will the lender's word. The next variable is the home itsellf. You can't get a mortgage for more than the house appraises for. Depending on the type of loan, it may have to pass one or more inspections.

Getting a mortgage depends on 2 things - you and the house. The pre-approval is only about you.
1 vote Thank Flag Link Fri Feb 15, 2013
Ok, how does pre approval help you when it gets to under writing and they find a credit issue! so, how did that letter help me or the the seller?
Flag Fri Feb 15, 2013
You can submitt and offer but most agents wouldn't accept it. You should get pre-approved before you start looking for a home so you know the amount you can spend, what your payments may be, the interest rate your approved for, and how much you may need to buy a home. If you need help call me at 570-640-3535. I look forward to hearing from you soon.
Web Reference: http://www.PeteGustis.com
0 votes Thank Flag Link Sat Feb 16, 2013
You can submit an offer to a Seller without a pre-approval letter, but most Sellers are not going to accept an offer, unless they know that they buyer can obtain a mortgage. It would be very risky for a Seller to take their house off the market, without knowing the buyer has done their homework to apply for a mortgage.

When you find the house that is perfect for you, you don't want to lose it, because another buyer also liked the same house, and they were already pre-approved and you are not. You want to make sure that you are also looking at houses that are in your price range. You don't want to be looking at houses and fall in love with one, and then find out, you can't qualify for a mortgage for that priced home.

Smart Home Shoppers are doing their homework before they go out looking at houses, by talking to a lender for a pre-approval. That way you can focus your efforts in the right price range, and you are ready to jump in to buy, when you find the right house.

I've been a licensed Realtor for 25 years now and the market is every changing...........inventory is low, and so are prices and interest rates now. It's a smart time to make a move toward owning a home !

I'd be happy to put my years of experience to work for you to find you the house that meets your Needs, Wants and Desires, and in the price range that is affordable to you ! Don't hesitate to give me a call if I can be of further assistance to you !

Wanda Moore (484) 256-3817
0 votes Thank Flag Link Sat Feb 16, 2013

Like I said in my earlier reply the lender I am using has been 100% with me. He has not qualified people that I have asked him to qualify but not once has a buyer not received the loan he qualified them for. If there is a question he checks with the underwriter before he issues the qualification.

Buyers have come to me with prequals from other lenders who didn't really do a quality job. When they were checked by my guy he uncovered things the other lenders should have and they were not able to buy a home at that time.

That being said with the help of this lender I have coached several people with bad credit and now they are in homes:))) I have several others that the lender and I coached that are now qualified to look( and we are). I have a few I am working with now on thier credit and hopefully they will soon be ready to buy. It is often not easy to fix credit but it is never to early to start.

"VAV" Vavreck
Century 21 Park Road
0 votes Thank Flag Link Sat Feb 16, 2013

Don't forget, even though this is a Buyers Market, there is very little inventory for sale - for the past six months or so, due to the extremely low inventory, we've been seeing some multiple offers happening on good properties that come on the market. If a seller gets two offers, one of which has a Pre-Qualification letter attached showing that the buyer is a serious one who has spoken with a lender and is a genuine buyer, and the other offer with nothing - which offer do you think the seller is going to take more seriously? There are plenty of potential buyer clients who call me who haven't even spoken with the lender, and once I insist that they get pre-qualified through a lender, they find out that their Debt to Income ratio or credit scores don't qualify them for a mortgage, or maybe the price point that they originally thought they'd be approved for......A seller can't take a buyer seriously if they aren't at least pre-qualified to purchase his or her house.....It's basic financial sense.

You can certainly SUBMIT an offer without a pre-approval - but no seller or listing agent with any sense is going to take your offer seriously and take the house off the market based on your guess that you will be qualified to purchase the house.....Why waste your time and theirs? Talk to a mortgage lender now. If you need a couple of good local names, let me know and I will get them to you.

sincerely yours,

Valerie Mackey
610-372-3200, EXT. 3081
0 votes Thank Flag Link Fri Feb 15, 2013
What If I have a former broker who will very that Iam Qualified via a Simple phone call?
Flag Fri Feb 15, 2013
Why even consider the Pre approval letter it is meaningless! It does not Guarantee you a loan when you get everything submitted to the Under writers that pre-approval letter is Meaningless to them!
0 votes Thank Flag Link Fri Feb 15, 2013
Ok,, I have email and a phone number of a former Broker who now helps people with credit scores to help them get a loan! Cant you call him to verify of call him to verify?
0 votes Thank Flag Link Fri Feb 15, 2013
All written offers must be submitted with either a pre-approval letter or proof of funds if buyer intends to purchase with cash. An agreement of sale that a Realtor uses to present a written offer is a legal document and once it is sign by both buyer and seller, the terms in it are bunding. Once a seller accepts a written offer, the home can no longer be offered to other potental buyers so that it why it is important for the seller to know that the buyer is capable of purchasing with either a mortgage or with cash.
0 votes Thank Flag Link Fri Feb 15, 2013
Are you saying that the pre approval letter becomes legally binding document only when accompanied with THE agreement of sale?
Flag Fri Feb 15, 2013
Hi Jellybean:)

A buyer's agent can submit an offer without a pre-approval letter or adequate proof of funds. No responsible agent would. A responsible seller's agent would not bring an offer to the seller without some proof that the buyer could actually purchase the property. Why even consider an offer that may be meaningless?

Getting prequalifed is painless, easy and quick. It does not commit you to that lender.
I work with a lender that prequalifies over the phone in about 10 minutes. He then sends me the pre-approval of my clients so we can begin the buying process.

None of my buyers has ever been prequalified by this lender and then not received the loan they were prequalified for. Giving accurate information to a lender that does a thorough pre-qualification usaully means success.

Contact me if you would like more information about the process of buying a home.

0 votes Thank Flag Link Fri Feb 15, 2013
If you can't get a pre-approval, that means you won't be able to get a mortgage. No seller, especially in this market, will accept an offer from someone unless they know the buyer can purchase the home.
0 votes Thank Flag Link Fri Feb 15, 2013
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