Home Buying in Syracuse>Question Details

Charlie2squa…, Home Buyer in Fulton, NY

Do I have to present a pre approval before the offer is accepted??

Asked by Charlie2squared, Fulton, NY Wed Dec 12, 2012

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Richard Vazquez’s answer
Having a pre approval or pre qualification letter from a local reputable bank shows to the Seller the seriousness of the Buyer, and weeds out the "tire-kickers" who usually just waste the seller's/agent's time.
0 votes Thank Flag Link Sat Feb 9, 2013
You don't have to have one but it does help ease the seller and their agent with the contract. A pre-approval can be gotten in less than 24 hours so its not a big deal and they really are more fluff than anything because usually income, rent, job history have yet to be checked.
0 votes Thank Flag Link Wed Dec 12, 2012
As a seller, I would insist on a full pre-approval before going into contract.

As a Realtor, I REQUIRE my buyers to present a full pre-approval before I will consider showing them a property.

0 votes Thank Flag Link Wed Dec 12, 2012
Great question.

Technically your offer isn't even valid without a pre approval letter from a trusted bank. That letter lets the sellers know that you are financially able to purchase the property. In the case of a cash deal, a letter showing proof of funds is required. When I represent buyers I don't even start looking with them until we have that letter. When I represent sellers, I will not present until we have that pre qual letter. AT the end of the day, it helps you as a consumer to go out and get one. That way you know where you stand. Banks have stricter lending requirements because of the housing crisis that we all lived through.

I'd advise to go out and get that letter.

Hope this helps

David Manzano JR
Hunt Real Estate ERa
Like me on Facebook.com/ManzanoRealtors
0 votes Thank Flag Link Wed Dec 12, 2012
A pre-approval will make you look more of a serious
home buyers, remamber a Home may have more then
just your offer. make the have to choose between a have or a have not.

Fajardo Delacruz
Licensed Real Estate Agent
Century Homes Realty Group
Direct Line: 347-932-0609
0 votes Thank Flag Link Wed Dec 12, 2012
Yes you should have a current Pre-Approval prior to even looking at any houses. This way you know what you can possibly qualify for to get a mortgage. Most buyer agents will require it prior to showing you any homes. Best wishes.
0 votes Thank Flag Link Wed Dec 12, 2012
Charlie, good morning. In my experience when your offer is submitted the proof that you can make good on your offer is also required. No matter what kind of transaction it is. This helps the buyer decide who has the strongest bid.
0 votes Thank Flag Link Wed Dec 12, 2012
Great question! Yes, you would have to contact a lender and get pre-approved and submit that with your offer, unless you are paying cash, then you would submit a proof of funds letter with your offer...
Web Reference: http://www.CNYAGENT.com
0 votes Thank Flag Link Wed Dec 12, 2012
Hi, Charlie: Put yourself in the seller's place. Would you accept an offer -- and take your property off the market for -- someone when you didn't know if they could actually afford to buy your house? Sure, get a pre-approval letter from a trusted, local lender and then have fun searching for the right house at the right price. Good luck!
0 votes Thank Flag Link Wed Dec 12, 2012
Almost always, yes. It is very easy to obtain this from a lender if you are qualified.
0 votes Thank Flag Link Wed Dec 12, 2012
Why do you think they call it a PRE-APPROVAL?
0 votes Thank Flag Link Wed Dec 12, 2012
What is your agent advising; generally a mortgage pre-approval letter accompanies the offer...
0 votes Thank Flag Link Wed Dec 12, 2012
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