Not prequal - preapproval.

I always ask for a PreApproval letter before I consider the offer.

No. They require to have a pre-approval letter. Pre-quals are meaningless.

In my area a pre-approval is becoming a requirement - it doesn't necessarily have to be at time of offer, but it does have to come within 24-48 hours

no .... nothing less than a PRE-APPROVAL LETTER....

Jack Lewitz It should not include a prequal letter. The offer should include a preapproval letter from the lender. No letter, no offer.

PRE-Approval

Pre-approval trumps a useless piece of paper!

I always want to see a preapproval letter from a LOCAL lender.

Nope - always have a preapproval letter, and it's always better to talk with the LO to ensure income & Asset docs, along with credit, have been reviewed.  And to ensure automated underwriting has been completed if it's a loan product that uses that system.

I prefer pre-approval letters.

Absolutely NOT.  Offers from buyers MUST include a pre-approval letter and proof of funds.  A pre-qual won't cut the mustard in my world. 

No, it must be a pre-approval. I haven't had an offer without one in years

In our market, it is customary to have a preApproval letter accompany the offer.  In fact, we advise our sellers that until we have received that letter and had a conversation with the loan officer, no decisions should be made. In multiple offer situations, those offers just go in the "no" pile if no letter is forthcoming after being asked specifically to provide one.

Absolutely, the offer should be accompanied by a preapproval letter or the proof of Funds. We also like to have a copy of the deposit check & signed disclosures here.  I've only had one agent push to have her client's offer presented without the preapproval. You can guess how that went. 

The answer is unanimous!  Nothing short of a Pre-approval.  

Pre-approval is better.  Pre-qual if that is all you can get at the time.  In general buyer offers are stronger with pre-approval or proof of funds. However, I am closing on a home tomorrow in which the buyer hadn't even applied for her loan (repeat client and I knew her financial picture peeps, don't freak out that I took her out without lender approval ;-).  Our contract has a spot where we check a box if they have applied or not applied for a loan yet and how long they have to apply for it and get a pre-approval to the seller.  I marked it appropriately, we offered on Sunday and had a signed contract by Sunday night.  Pre-approval was issued Tuesday.  I did talk to the listing agent and let him know who she was going to work with on the loan, a well respected loan officer and company in my area, which was helpful.

I don't recommend this approach - in fact I don't like it at all, a pre-approval and ducks in a row are ideal, but for her I wasn't going to say no to writing the offer and I'm glad the listing agent didn't insist upon a pre-approval before offer acceptance.   We followed the contract and everyone is happy. 

Multiple offer situations, no pre-approval, no chance.  -Kasey

Without a pre-approval from a solid lender and proof of funds I would not pass it on to a seller. And I'd never send an offer without those two. 

Absolutely.  Although there is a difference between "prequal and preapproval." But every seller should know that the person offering to purchase their home can afford it and will be able to get their loan.  Otherwise, the whole deal is a waste of time.

Should come with a call from the lender that the buyer is very strong buyer.

Yes, the offers should include the pre-approval letter if they are serious about the purchase.

If that is what the sellers wants.

Yes and Yes!!!!!!!!!!!!!!!!!!!!!!!!

Jack Lewitz - no pre-qual here. Must be pre-approval to be considered seriously.

Not a pre-qual, anyone can do that, even a realtor. You need a pre-approval letter from a financial institution for the appropriate amount, if your buyers are financing the home, or proof of funds if it's a cash deal.

yes, yes and yes a Pre-approval letter.

Sellers will not accept Offers without a pre-approval letter - not in this market!

In Arizona, we have a pre-qual form that is signed off on by the lender to verify that the buyer making an offer is indeed able to qualify for a loan.  I believe this is very important to include with an offer being presented.

yes that would assist

Pre-Approval.

Jack,

Pre-approval

Anyone can get prequalified. It's a preapproval that'll take your offer to the next level. Don't leave home without one!

Yes, they're pretty much a required element of our contracts. Otherwise, the offer's pretty week if they're not paying all cash

Most of the time, I would.

Absolutely, but a preapproval letter is even better.

Every offer should be accompanied by a pre qual letter from a local and trusted bank or mortgage company or a POF for cash offers. I like to take it a step further and get a pre approval letter for my buyers

Of course.

No... they are not worth the paper they are printed on. I want a full-out pre-approval letter after the basic file has been passed under an underwriter's nose.

We post offer instructions in the MLS listiong.   It stipulates that the form referenced in the contract be attached to the offer...

A pre-approval letter is better.

Is a pig's butt pork?

Get it in writing and then talk to the lender.

Cash offers... POF show me the money.

Some agents require them and I have no problem providing one with the buyer's permission.

I prefer a pre approval letter.

Always at minimum

I would not even look at an offer without a preapproval letter or proof of funds. If it's not included in the offer I will notify the buyer's agent.

  Not if it is a cash offer.

We have a formal pre- qualification form (more like a pre-approval)  that is incorporated into our contract and it is required to submit it along with the offer.  Why in heavens name would a seller even think about an offer if you don't have any idea of 'if' the buyer is able to purchase.  I had an agent send me some internet lender pre-qual and we  asked her to submit the proper form - she didn't and seller said reject the offer. She was stunned - why I don't know.

I don't know about "should".  Whether you require one, or not, is dependent on how you run your business model.

Personally, I don't find a prequalification letter to be strong enough and ask all buyers to supply a preapproval, which typically indicates that they've done a little more due-diligence to determine that the buyer can truly obtain the loan.

My market prefers Pre-Approval letters. 

I agree with Lyn Sims 

If you want to get right to it YES. Note: My dialog brings out the mandatories

Hey Jay, I think you got your answer!

It is not a requirement in my jurisdiction.  A prequalification letter has limited utility.

I was going to say precisely what Lyn Sims said.  

Offers will not be signed without ALL of the documents listed in the 'How to submit your offer' directives shown in the agent only section of the MLS.

Some agents are reading challenged and simply add to the time of execution putting their buyer at risk losing to an agent who does read.

That gives the listing agent the opportunity to 'shop' the offer.

I always ask for a PreApproval letter before I consider the offer.

I would say always,  I put it in broker remarks that all offer must have the lender information also.

In our crazy Seller's market, if there is not a preapproval letter, they are not considered.

I think so, it has a better chance of acceptance.

The quality of the preapproval letter matters.  A lot.