Regarding pre-qualification for buyers: Does anyone use or accept Quicken on-line pre-qualification for buyers proof of approved financing?

Asked by Randy Stoker, Carmichael, CA Wed Apr 9, 2014

The local agents I work with will not accept Quicken on-line letters of pre-approval as the buyer inputs all the information and none of the "hard" questions are asked. Letters from local banks or mortgage advisors are required.

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Judi Monday,…, Agent, Green Valley, AZ
Thu Apr 10, 2014
Unfortunately short of a clear to close there is always a chance that a pre-qual and even a pre-approval may not get the house sold. It's a bit of a catch 22 but no lender is going to do the work of a clear to close until there is an accepted deal and to get the deal accepted a Seller wants solid proof they are qualified.
1 vote
Judi, if you would like an intro to a national lender who DOES provide a Clear to Close with companion GFE, give me a call or drop me a note.
I can see you recognize the value.
Annette Lawrence, Broker Associate
Remax Realtec Group
Palm Harbor, FL
Flag Thu Apr 10, 2014
Phyllis McAr…, Agent, San mateo, CA
Thu Apr 10, 2014
No never used an on line "quicky," when the time comes for an offer to be presented, in SF Bay area, you better be ready with the real deal
1 vote
Annette Law…, Agent, Palm Harbor, FL
Thu Apr 10, 2014
A 'pre-qualification' is like a verbal purchase offer...they are meaningless.

The next step up is a pre-approval. They are nearly meaningless because lender can 'find something' two day before closing and refuse the deal. Buyer has lost nearly $1,000 in inspection and appraisal and seller and buyer have prepared to move...and neither will be made whole.

A buyer with a 'Clear-To-Close' has successfully passed the lenders underwriting process and "HAVE the MONEY COMMITMENT.'

If you were a seller, which would you want, good intentions or a true commitment?

As a listing agent I would advise the seller to kick the Quicken pre-qualification to the curb until better credentials are presented.

If buyer B comes in with a 'Clear-to-CLose" and your buyers loses out, and you did not advise you buyer of the value of the pre-qualification, you need to understand, you caused your buyers to make a decision that was harmful to them.
1 vote
Jim Walker, Agent, Carmichael, CA
Thu Apr 10, 2014
Whether it is a mortgage broker, mortgage banker, on-line or in the grocery. You can ask for an approval letter that has been approved by an actual underwriter, not just an MLO.
0 votes
Sally Nichols, Agent, Mason, OH
Thu Apr 10, 2014
It would depend on lending house to determine if that's acceptable. I suggest you check your lending agent for the most accurate information.
0 votes
Yanoska Diaz, Agent, Miami, FL
Thu Apr 10, 2014
A pre-qual pending verification of employment, deposit, source of funds is like having nothing at all. A pre-approval is still subject to a number of conditions, reason why a listing agent should always demand tight timelines for inspections, appraisal, lien search, loan commitment , etc. There will ALWAYS be that extra prayer for final underwriting review: Dear Lord, no surprises please, don't let the underwriter request something buyers cannot produce.

When it comes to making sure financing will go through, too much is never enough.
0 votes
I am from brasil and i wont to buy a house in miami, can you gave your email my is
Flag Sat Apr 12, 2014
Steven Ornel…, Agent, Fremont, CA
Wed Apr 9, 2014
Hi Randy,

This might help you better understand why:

“Pre-Qualified vs. Pre-Approved vs. True Pre-Approval”

0 votes
Bill Mccord, Agent, San Jose, CA
Wed Apr 9, 2014
The reason is simple. A Pre Qualification is simply a piece of paper based on a conversation with no documented proof of the facts being presented. .
What is needed is a Pre-approval which is based on documented proof of the applicants ability to qualify for the requested loan.
0 votes
Barry Stewart, Agent, Watertown, NY
Wed Apr 9, 2014
I would say that if they are not accepting these pre-qual letters from quicken, they are probably doing so for a reason. Realtors don't normally create obstacles unless they have good reason.
0 votes
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