Jack Lewitz (Exit Strategy Realty)

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Rainmaker
1,716,354
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg Real Estate

Not prequal - preapproval.

Apr 27, 2017 05:20 AM
Ambassador
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Bob Crane
Woodland Management Service / Woodland Real Estate, EXP - Stevens Point, WI
Forestland Experts! 715-204-9671

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

Apr 27, 2017 05:12 AM
Rainmaker
1,214,087
Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

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

Apr 27, 2017 06:29 AM
Rainmaker
915,973
Jennifer Mackay
Counts Real Estate Group, Inc. - Panama City, FL
Your Bay County Florida Realtor 850.774.6582

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

Apr 27, 2017 05:44 AM
Rainmaker
5,571,343
Barbara Todaro
RE/MAX Executive Realty - Retired - Franklin, MA
Previously Affiliated with The Todaro Team

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

Apr 27, 2017 05:08 AM
Rainmaker
1,456,827
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

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

Apr 27, 2017 06:09 AM
Rainmaker
2,020,150
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

PRE-Approval

Apr 27, 2017 05:51 AM
Rainmaker
4,159,333
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Pre-approval trumps a useless piece of paper!

Apr 27, 2017 05:39 AM
Rainmaker
759,996
Brenda Mayette
Miranda Real Estate Group, Inc. - Glenville, NY
Getting results w/ knowledge & know-how!

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

Apr 27, 2017 05:54 AM
Ambassador
965,391
John Meussner
Mortgages in AZ, CA, CO, DE, FL, GA, MD, MT, NC, NJ, NV, OK, OR, PA, SC, TN, TX, UT, VA, WV - Walnut Creek, CA
#MortgageMadeEasy Walnut Creek, CA 484-680-4852

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.

Apr 27, 2017 12:25 PM
Rainmaker
1,525,205
Sybil Campbell
Fernandina Beach, FL
Referral Agent Amelia Island Florida

I prefer pre-approval letters.

Apr 27, 2017 09:16 AM
Ambassador
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Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

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. 

Apr 27, 2017 09:03 AM
Ambassador
4,558,329
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

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

Apr 27, 2017 06:54 AM
Rainmaker
1,027,385
Susan Haughton
Long and Foster REALTORS (703) 470-4545 - Alexandria, VA
Susan & Mindy Team...Honesty. Integrity. Results.

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.

Apr 27, 2017 06:11 AM
Rainmaker
679,779
Peter Testa
Nationwide Homes - Danbury, CT
PETER TESTA

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. 

Apr 27, 2017 05:09 AM
Rainmaker
1,715,326
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Property Manager

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

Apr 27, 2017 08:22 AM
Rainmaker
808,847
Kasey & John Boles
Jon Gosche Real Estate, LLC - BoiseMeridianRealEstate.com - Boise, ID
Boise & Meridian, ID Ada/Canyon/Gem/Boise Counties

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

Apr 27, 2017 06:45 AM
Rainmaker
1,514,305
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • GRI • HAFA • PSC Calabasas CA

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. 

Apr 27, 2017 10:45 AM
Rainmaker
549,250
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

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.

Apr 27, 2017 09:30 AM
Rainmaker
1,149,109
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

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

Apr 27, 2017 09:23 AM
Rainmaker
142,696
Diana White-Pettis
Bennett Realty Solutions - Upper Marlboro, MD
GRI, CDPE, CNE, WHC Upper Marlboro Homes for Sale

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

Apr 27, 2017 07:19 AM
Rainmaker
3,997,425
Richard Weeks
Dallas, TX
REALTOR®, Broker

If that is what the sellers wants.

Apr 27, 2017 05:27 AM
Rainmaker
1,398,208
Raymond E. Camp
Ontario, NY
Licensed Real Estate Salesperson Greater Rochester

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

Apr 27, 2017 05:12 AM
Ambassador
4,312,753
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

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

Apr 27, 2017 11:12 PM
Rainmaker
818,607
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

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.

Apr 27, 2017 11:37 AM
Rainmaker
660,207
Abby Stiller
REMAX Realty Group - Cape Coral, FL
Professional Bilingual Realtor (239) 284-8637

yes, yes and yes a Pre-approval letter.

Apr 27, 2017 10:14 AM
Ambassador
4,201,309
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

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

Apr 27, 2017 09:44 AM
Rainmaker
3,558,180
Brian England
Vacasa - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

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.

Apr 27, 2017 09:44 AM
Ambassador
1,616,354
Harry F. D'Elia III
RentVest - Phoenix, AZ
Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

yes that would assist

Apr 27, 2017 07:52 AM
Rainer
352,776
Teri Pacitto
Compass - Westlake Village, CA
Real Estate, Your Style...Your Home...My Specialty

Pre-Approval.

Apr 27, 2017 06:45 AM
Rainmaker
5,527,251
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Jack,

Pre-approval

Apr 27, 2017 06:24 AM
Rainmaker
1,104,814
Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

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

Apr 27, 2017 06:18 AM
Rainmaker
887,983
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

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

Apr 27, 2017 06:13 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

Most of the time, I would.

Apr 27, 2017 06:05 AM
Rainmaker
1,856,330
Kat Palmiotti
406-270-3667, kat@thehousekat.com, Broker, eXp Realty - Kalispell, MT
Helping your Montana dreams take root

Absolutely, but a preapproval letter is even better.

Apr 27, 2017 05:31 AM
Rainmaker
3,321,246
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

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

Apr 27, 2017 05:29 AM
Rainer
258,899
Mick Michaud
Distinctly Texas Lifestyle Properties, LLC Office:682/498-3107 - Granbury, TX
Your Texas Lifestyle is Here!

Of course.

Apr 28, 2017 05:40 AM
Rainmaker
4,056,549
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

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.

Apr 28, 2017 05:23 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

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

Apr 28, 2017 05:00 AM
Rainmaker
6,545,029
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

A pre-approval letter is better.

Apr 28, 2017 04:38 AM
Ambassador
3,456,385
Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Is a pig's butt pork?

Get it in writing and then talk to the lender.

Cash offers... POF show me the money.

Apr 27, 2017 08:54 PM
Ambassador
3,986,660
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

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

Apr 27, 2017 08:43 PM
Rainer
318,713
Melissa Jackson
Century 21 Alliance Properties - Azle, TX
Helping You Make The Right Move

I prefer a pre approval letter.

Apr 27, 2017 08:40 PM
Rainmaker
3,985,837
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Always at minimum

Apr 27, 2017 07:37 PM
Rainmaker
507,733
Susie Kay
Ultra Real Estate Dallas Fort Worth - Plano, TX
North Dallas Specialist

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.

Apr 27, 2017 07:22 PM
Ambassador
2,564,031
Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

  Not if it is a cash offer.

Apr 27, 2017 05:59 PM
Ambassador
3,258,976
Anna Banana Kruchten CRS, CRB, Phoenix Broker
HomeSmart Real Estate BR030809000 - Phoenix, AZ
602-380-4886

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.

Apr 27, 2017 05:04 PM
Ambassador
1,813,430
Alan May
Jameson Sotheby's International Realty - Evanston, IL
A moving experience!

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.

Apr 27, 2017 04:06 PM
Ambassador
951,067
Frank Rubi
Frank Rubi Real Estate, LLC - Metairie, LA
FrankRubiRealEstate.com

My market prefers Pre-Approval letters. 

Apr 27, 2017 01:52 PM
Rainmaker
563,429
Maria Sapio
Keller Williams of Central PA - Carlisle, PA
Real Estate Agent- Carlisle, PA. Mariasapio.com

I agree with Lyn Sims 

Apr 27, 2017 11:06 AM
Rainmaker
2,634,337
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

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

Apr 27, 2017 06:54 AM
Rainmaker
846,325
Marco Giancola
Beachfront Realty - Miami Beach, FL
Realtor (305)608-1922, Miami Beach Florida

Hey Jay, I think you got your answer!

 

 

Apr 27, 2017 06:34 AM
Rainmaker
1,157,485
FN LN
Toronto, ON

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

Apr 27, 2017 06:25 AM
Rainmaker
394,224
Jill Murty, Realtor - Orange County, CA
Movoto - Laguna Niguel, CA

I was going to say precisely what Lyn Sims said.  

Apr 27, 2017 06:00 AM
Rainmaker
882,547
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

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.

 

Apr 27, 2017 05:19 AM
Rainmaker
1,044,339
Dave Martin (703) 585-4687
Fairfax Realty - Fairfax, VA
Making Realty Dreams a Reality #WeWillGetYouHome

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

Apr 13, 2018 07:06 PM
Rainmaker
3,970,640
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

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

 

May 01, 2017 06:34 AM
Rainmaker
4,885,685
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 crazy Seller's market, if there is not a preapproval letter, they are not considered.

Apr 30, 2017 07:22 AM
Rainmaker
1,707,423
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

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

Apr 29, 2017 09:03 AM
Rainmaker
4,060,514
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

The quality of the preapproval letter matters.  A lot.  

Apr 29, 2017 04:10 AM