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#455146 - 10/26/16 11:06 AM Loan Approval Letters.
702Agent Offline
Junior Member

Registered: 10/26/16
Posts: 1
Loc: Las Vegas
Hello everyone. This is my first post, and I'm also a new RE Agent :D I am in need of advice from the experts here.

Regarding "loan approval letters". How should this be included on submitting offers in general? Should I submit this with an approved "loan amount" that matches the "offer price"? This is so, that the seller will have an impression that this buyer can not go any higher, and hoping this will make the seller accept the offer and not think about countering higher. Or is this suicide since it makes the offer less attractive in general?

All suggestions are welcome on this issue about how Loan Approval Letter are submitted.

Thanks in advance.

~~Leo Las Vegas Agent~~

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#455149 - 10/26/16 11:36 AM Re: Loan Approval Letters. [Re: 702Agent]
JohnN Offline
Member

Registered: 11/21/13
Posts: 228
Loc: Minnesota
Hi Leo
This may vary by area but I don't have the lender put a dollar amount on the pre approval letters.
Most of my lenders will do a property specific letter that just says they have pre approved buyer X for property Y.
Also keep in mind that pre approval letters are not commitment letters. I get most deals closed but sometimes the pre approval doesn't mean anything if the buyer forgot about car loans, student loans, co-signing a note etc...

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#455151 - 10/26/16 12:43 PM Re: Loan Approval Letters. [Re: JohnN]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7720
Loc: Vermont's North-East Kingdom
I think you mean:

Originally Posted By: JohnN
". . . Also keep in mind that pre approval qualification letters are not commitment letters. I get most deals closed but sometimes the pre approval qualification doesn't mean anything if the buyer forgot about car loans, student loans, co-signing a note etc... "


Pre-Approval should involve an Actual Credit Report where these items will show, as well as an Employment Verification. Pre-Qualification often relies on just what the applicant feels like presenting.
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#455154 - 10/26/16 02:11 PM Re: Loan Approval Letters. [Re: Vermont]
JohnN Offline
Member

Registered: 11/21/13
Posts: 228
Loc: Minnesota
Originally Posted By: Vermont
I think you mean:

Originally Posted By: JohnN
". . . Also keep in mind that pre approval qualification letters are not commitment letters. I get most deals closed but sometimes the pre approval qualification doesn't mean anything if the buyer forgot about car loans, student loans, co-signing a note etc... "


Pre-Approval should involve an Actual Credit where these items will show, as well as an Employment Verification. Pre-Qualification often relies on just what the applicant feels like presenting.

You are correct cool but they still refer to them as pre approval letters. (At least around here).

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