Home Buying in Florida>Question Details

Helen, Home Seller in Boca Raton, FL

Pre-approval for short sale. Is it a must?

Asked by Helen, Boca Raton, FL Wed Oct 8, 2008

A realtor of a short sale called me today saying that it is not necessary to be pre-approved to make an offer on a short sale, all I need is the deposit for $1000. I just wanted to verify that the info he gave me is accurate....

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Helen,

If you wish your offer to be treated seriously, it would be recommended to get pre-approved. As others have said, it may not be mandatory but your offer would be treated in a whole different light with a pre-approval letter.

Good luck
0 votes Thank Flag Link Sat Nov 22, 2008
It's a good idea to be pre-approved anyway, so you know exactly what you can afford.
Web Reference: http://www.tampa-mls.com
0 votes Thank Flag Link Sat Nov 22, 2008
Helen,
based on my experience, and I am handeling many short sales in New York, a pre-approvel from a bank ( not a mortgage broker) is usually enough. we don't take deposits here. however what I usualy do is call the mortgage originator who signed off on the pre-approval to verify the information, credit score etc.... just so I feel comfortable that the information is sufficiant. proof of funds is required when the offer to purchase is a full cash offer. Hope this helps.
0 votes Thank Flag Link Wed Oct 8, 2008
Perhaps it is not absolutely MANDATORY. In reality, most short sale offers are accompanied by an approval letter [not a pre-qualification letter] and proof of funds. Lenders want to be extra sure that the proposed buyer can and will close. I don't know of ANY lender that would take an offer seriously without solid credentials of the buyer.
0 votes Thank Flag Link Wed Oct 8, 2008
Helen,
In California most lenders (I would say all( require pre-approval. You can pay the deposit, but you don't have to. It is a matter of agreement. Many agent require it just to make sure that buyers are serious enough. It can be deferred until the lender approval is obtained. If you decide to pay $1000 make sure that it goes to escrow. Are you dealing directly with the Listing Agent responsible for short sale or you have your agent?
Web Reference: http://www.cimpler.com
0 votes Thank Flag Link Wed Oct 8, 2008
ARTUR URBANS…, Real Estate Pro in Burlingame, CA
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