Jack Lewitz (Exit Strategy Realty)

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Rainmaker
5,525,411
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

I like Conrad Allen 's answer.  A

May 09, 2016 09:23 AM
Ambassador
2,563,861
Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

     Pre-qualification means that the Lender believed whatever the would-be Buyer told them. 

    I want proof; I want pre-approval.

May 09, 2016 08:35 AM
Rainmaker
2,707,268
Lisa Von Domek
Lisa Von Domek Team - Dallas, TX
....Experience Isn't Expensive.... It's Priceless!

Pre-qual's are worthless, a pre-approval at least provides the information that the lender has a written application, verified credit score and open credit lines and down payment funds.  But until a file goes to underwriting, the letter is only a "might close"

May 09, 2016 01:07 PM
Rainmaker
1,987,878
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

me!

May 09, 2016 11:45 AM
Ambassador
3,986,660
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

If I know the lender then I trust them. If it is an online lender or out of state unknown then I am nervous and have to question it.

May 09, 2016 10:54 AM
Rainmaker
4,173,802
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Pre-Qualification is a joke..preapproval is worth something. Cash is king!!

May 09, 2016 09:54 AM
Rainmaker
846,020
Jeff Pearl
RE/MAX Distinctive / LIC in VA - Lovettsville, VA
Full Service Full Time Realtor

It depends on who prepared the pre-qualification letter. I've had some that were fine.

May 09, 2016 09:13 AM
Ambassador
4,557,561
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Me, myself and I. Where's the proof of qualifications!?

May 09, 2016 08:47 AM
Rainmaker
3,333,745
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Real Estate Agents - Luxury - Divorce

It is why we screen lenders...they are great if they are froma quaified professional source.

May 09, 2016 07:26 AM
Rainmaker
1,456,727
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Jack Lewitz Whether a pre-qualification, pre-approval or a committment letter, they all have conditions. Until the conditions are removed, none of them mean much.

May 09, 2016 07:18 AM
Rainmaker
795,232
Susan Laxson CRS
Premier Sotheby's International Realty - Naples, FL
The Michelle Thomas Team

I prefer pre-approval letters.

May 09, 2016 06:56 AM
Rainmaker
882,261
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

They possess marginally more value than a verbal assurance of 'It's in my price range" and more value than the 'cash' buyer who says 'Trust me."

In the end 'Show me the money" will not be satisfied with a Pre-qual.

May 09, 2016 06:54 AM
Rainmaker
1,514,305
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • GRI • HAFA • PSC Calabasas CA

We are required and require to provide a pre-approval letter along with the offer. 

May 09, 2016 06:50 AM
Rainmaker
843,796
Pete Xavier
Investments to Luxury - Pacific Palisades, CA
Outstanding Agent Referrals-Nationwide

A pre-qualification letter is overrated toilet paper. A pre-approval that is a real pre-approved loan commitment is always best (unlike pre-approvals from certain banks).

May 09, 2016 06:46 AM
Rainer
318,613
Melissa Jackson
Century 21 Alliance Properties - Azle, TX
Helping You Make The Right Move

I don't rely on them.  I ask for pre approval letter and contact the lender.  

May 09, 2016 01:01 PM
Rainmaker
1,869,435
Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

I always ask for pre approval letter. 

May 09, 2016 11:48 AM
Rainmaker
2,634,037
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Worthless and ask any underwriter who has the final say so...thank you

May 09, 2016 08:34 AM
Rainmaker
1,104,614
Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

Saving my printer ink is a more worthy objective.

May 09, 2016 08:26 AM
Ambassador
5,357,799
Bob Crane
Woodland Management Service / Woodland Real Estate, EXP - Stevens Point, WI
Forestland Experts! 715-204-9671

It means something, and how much depends on who wrote it, of course Cash means so much more.

May 09, 2016 07:27 AM
Rainmaker
4,054,153
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

I think Conrad Allen has the definite answer here.

May 09, 2016 10:36 PM
Rainmaker
915,773
Jennifer Mackay
Counts Real Estate Group, Inc. - Panama City, FL
Your Bay County Florida Realtor 850.774.6582

*raises hand* - they hand them out like candy

May 09, 2016 07:39 PM
Rainmaker
2,436,111
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Good morning Jack. I hope that is not the case, as I wouldn't give one to a client unless they could get a mortgage.

May 09, 2016 06:26 PM
Ambassador
3,034,240
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

that's why I get conditional approval only on appraisal.

May 09, 2016 03:31 PM
Rainmaker
538,494
Greg Large
ERA Real Solutions - Grove City, OH
A Tradition of Trust

Totally agree, not worth the paper they are written on.

May 09, 2016 01:06 PM
Rainer
12,942
Dina Braun
Charlotte, NC

I do, sorry but there is no meat behind the pre-qual.  

May 09, 2016 11:52 AM
Ambassador
3,722,438
Patricia Kennedy
RLAH Real Estate - Washington, DC
Home in the Capital

If they are printed on soft paper and you sneeze, they could come in handy!

May 09, 2016 10:55 AM
Rainmaker
818,337
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

They really don't. Any agent could do a pre-qual based on verbal numbers. A bank's pre-qual is all "subject to".

May 09, 2016 10:42 AM
Ambassador
3,036,957
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

They do not mean anything to me.  Best use for the paper is to pick up dog poop and then trash it. 

May 09, 2016 10:02 AM
Rainmaker
4,799,481
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

I do.

May 22, 2017 05:57 AM
Rainmaker
4,882,965
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

In our strong Seller's market, it is best to have a pre-approval, and make your offer look stronger.

May 10, 2016 11:05 PM
Rainmaker
640,067
Tony Lewis
Summit Real Estate Group - Valencia, CA
Summit Real Estate Santa Clarita & Aliso Viejo

I wouldn't suggest accepting an offer without one.

May 10, 2016 10:00 AM
Rainmaker
864,358
Les & Sarah Oswald
Realty One Group - Eastvale, CA
Broker, Realtor and Investor

Not even worth the paper it is printed on.

May 10, 2016 05:47 AM
Rainmaker
1,380,323
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

Only if they have had an actual review of the documentation and a first level underwriter review do I trust them.

May 10, 2016 03:35 AM
Rainmaker
3,996,206
Richard Weeks
Dallas, TX
REALTOR®, Broker

It shows that the buyer or the buyers agent at least asked for one.

May 10, 2016 01:17 AM
Rainmaker
3,069,934
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

count me in!

May 10, 2016 12:30 AM
Rainmaker
4,059,143
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

It depends on the lender.   

It depends on the borrower.  

May 10, 2016 12:06 AM
Rainmaker
6,540,835
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

It depends on the quality of the mortgage loan officer.

May 09, 2016 10:53 PM
Rainmaker
3,321,246
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

1. It depends who they are from and 2. They should always be verified. 

May 09, 2016 10:12 PM
Ambassador
4,312,753
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Jack Lewitz in some cases, I go over the basic financials with some buyers who are far away in their purchase and want to establish the price range for their home.

May 09, 2016 02:45 PM
Rainer
35,494
Corey R. Roberts
Keller Williams Realty—Yuba Sutter - Yuba City, CA
Turning Dreams into Realty.

They let me know which homes I cant show the buyer.

May 09, 2016 02:38 PM
Rainmaker
1,525,205
Sybil Campbell
Fernandina Beach, FL
Referral Agent Amelia Island Florida

I like Conrad Allen's answer.

May 09, 2016 01:16 PM
Rainmaker
3,985,837
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

They only get you to the possible top of the range but most will be lower.

May 09, 2016 11:58 AM
Rainmaker
4,433,583
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

It gives me some clue.

May 09, 2016 09:13 AM
Ambassador
1,208,934
Amanda Christiansen
Christiansen Group Realty (260)704-0843 - Fort Wayne, IN
Christiansen Group Realty

I'd much rather receive an offer with one than without one.  It also depends on who the lender is in my opinion.  

May 09, 2016 08:48 AM
Rainer
180,215
Harjeet Bhatti
FITH THIRD BANK - Chicago, IL
Home Mortgage Consultant 25 States

The amount of time any Realtor spend on one transaction its not worth it.

May 09, 2016 07:00 AM