Suggest another lender and use the reverse side for scratch paper to help the environment 

The math is fuzzy, the preapproval is expired, it's just sloppy all around.  Not the best I've seen, but not the worst.

One thing I'd say is the note of "4 loans to get approved" is pretty out of line - an applicant may have more available money or could come in with more cash, but a good lender can explain down payment assistance programs as a benefit to the buyer  --- just because people are using down payment assistance doesn't necessarily mean they NEED down payment assistance.  

I'd be suggesting another lender for a pre-approval.... this is not acceptable....can't put a deal together with this one...

Holymoly!

I would throw it out an ask for a real one from a local and trusted lender

This would not be acceptable.

I would make the counter offer subject to the mortgage company manager providing a comprehensive PQ that is acceptable to seller.  It would also include a provision that the mtg broker provide updates to the seller every 2 weeks.

While shoddy stuff like that PQ is not acceptable, neither is the LA making a mandatory requirement to have buyer scrutinized by their best friend...oops, I mean their "affiliate"...you know the mortgage broker who pays them under the table for the referrals.

Eve

That says 'pre-approval' but, that's a pre-qual if I ever saw one! Back to the drawing board (pun intended!!)

Wowsa! This is bad. Glad you have the other offers.

The letter inspires no confidence and a lot of concern.  

The seller would require cross approval with a trusted lender.  Further, what kind of agent would present this letter with their offer?  It provides insight as to the sloppy way the agent and lender do business.

The letter should state "principal and interest", not "principle and interest". 

I would ask the lender to send me a nice new clean letter Caroline Gerardo 

I'd be suggesting another lender who I know would provide an appropriate letter for use with offers.

I would ask the listing agent for another pre-approval letter. That doesn't look right and makes you wonder whether the lender knows what they are doing. 

I read all of your comments adn responses and it sounds like there are more issues that just the approval letter.  If the lender is not licensed to lend in my state then a whole new company is required, they can't get financing through that lender. If it is an expired letter, obviously an updated one is needed.  If there are multiple offers like you mentioned, the seller can choose to request a new one or just put that offer at the bottom of the pile and choose one that is more solid from the start. -Kasey

I'd call that lender to explain if I couldn't simply get them over to my rockstar lender Jason E. Gordon 

I would take it for what it is, a bit of information and a desire to purchase but NOT a commitment to lend as clearly stated. The expired part is totally unexceptble though.

Caroline Gerardo I am sure there will be someone in your network....

Call a different lender

Suggest that they turn down the offer until an offer comes in with a better pre approval.

This is worthless.  Request pre approval from a lender you know and trust. At minimum make it a local lender with clarification. 

They definitely need a second opinion..this one is not acceptable!

I would suggest a requirement to attend summer school.

Light it on fire, send back the ashes.

I would ask for another approval letter - and verify with the lender that the buyer is qualified before presenting to the seller.

No Go - hit refresh

 Not acceptable.   Accept one of the other offers.

There is nothing about that that says this is a strong buyer. I would advise my seller to require a local lender, give 3 choices, before the offer will be considered.

Wow!  They've been home shopping for a while.  That's what I see.  Desperate buyers.

Call the lender and talk to them.  Ask about the programs listed.  I haven't a clue what they are, but get an idea, then ask for an updated pre-approval PROCESS (not just the letter.)  Make sure they are still approved.

The only thing that scares me here is the fact it is expired.  I just don't know what those other programs are.  In our market, many times they aren't even declared on the letter.  

And the credit score thing is not anything I'd get in a twist over.  

Rarely see a pre-approval letter that has already been to underwriting.  

I did a lot of short sales with 3, 4 and 5 loans on them.  That's all I have to say about that. 

OMG,

We would suggest they contact another lender.  A

I wish that FHA borrowers had this comprehensive analysis.  Waiting for his liens to clear at title... What a pain.

It certainly would not help the chances of the offer being accepted. I'll be interested in the outcome given the others offers. This would not acceptable

 Caroline Gerardo It does not appear to be an official letter. Good luck!

I would double check all figures....

Hope we were in a multiple offer situation.

Looks like a scam.  I received a similar letter a couple of months ago (wish I had kept the letter now) that made no sense and was void of standard loan pre-qual information about the buyer.  I contacted the loan officer on the letterhead in TX and he confirmed that the letter was bogus and not anything he issued.

Digging deeper, I found out that there is an active Nigerian scam where this ring of thugs is creating these bogus loan letters from legit ones they find online.  Learned later that I should have reported and sent the bogus letter to my states Secretary of State.

Don't get "taken" fellow Realtors.  Stay diligent.

Cheers! 

OH MY, this is quite a mess, and would definitely request a new lender! 

I'd advise the seller to run for the hills.

Other than its totally un-readable--not bad!

LOL seriously?  Bye bye!  Time for a new lender!!

I like a part: 4 loans to get approved. 

Yes, my seller and I would jump on it right away, why not! 

JK.

In my 47 years as a Mortgage Banker...I have never seen this. "Run Away". FYI...I never do any mortgages that require Grant Money. Years ago I did, and the closings took forever. With FHA,VA,USDA,Conventional Loans,why need a grant.

I'm less concerned with the multiple loans referenced (as some Down Payment Assistance programs involve multiple liens) than I am with the math not adding up. Although my pre-approval letters contain all 3 credit scores, I'm also not willing to pile on this Loan Officer for simply showing the qualifying (middle score) used (because the other 2 scores are irrelevant).

Some of the disclaimers near the bottom are necessary (albeit irritating), but the fact is that interest rates can change during the weeks/months the Buyer shops for a home. In other words, there is always a possibility of a rate spike between the date the Pre-Approval Letter was prepared and the date the offer is accepted (if the Pre-Approved amount was maxed out for debt-to-income ratio purposes before the rate spike, the Pre-Approval has potential to be nullified).

In summary, this Pre-Approval Letter is better than most of the ones I see coming from the "Big Banks" and Credit Unions, but it does need to get cleaned up. You are well within your scope as a Listing Agent to question the authenticity and/or request an updated letter with correct math. You might also want to have this Loan Officer elaborate expected turn times for each of these funding sources to deliver to make sure this Buyer/Borrower will be able to perform on time. Just my $0.02...hope it helps!

Thank you Thomas J. Nelson, Realtor,CRS,ePro for the "rockstar" reference...much appreciated!

pick another lender

LOL - you have to love the quality of work one gets these days

I have several lenders I would recommend.

What is this?  Another quality lender from a quality buyer represented by a quality buyer-agent. This ought to be an easy seamless transaction.

You can't just accept a letter without actually reading what it says.

Caroline Gerardo I would ask the buyer's agent to provide another one that makes sense if they want the seller to review their offer.

While there are many things wrong with this, the main thing is that this pre-whatever is expired.  Call the lender and get a new one with all the corrections needed. That is, if you need to. With 4 other offers, and at full price, don't waste your time on this one

No thanks!

Looks a bit suspicious.

Love that "subordinate financing approval" is on a first come, first served basis.  ;-) 

Since there are other offers with apparently better financing, I'd move on.

Let the offer expire; doesn't look good. Try the smell test.

Looks somewhat suspect to me, I'd offer it up to the shredder and see what it says.

John has given good advice.

I would suggest to the seller that we request letter from another lender.  I may cost the seller the deal, but not sure of this one either.

I would look at a different offer