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sk2
Joined: 12 Jan 2008
Posts: 2
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| Posted: Sat Jan 12, 2008 2:17 am Post subject: Pre-Approval |
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| My wife and I found a nice short sale property in FL. It is priced well below value. We just received a pre-approval from our credit union. My question is this. The letter shows/discloses the amount we are approved for. I do not feel comfortable with showing the agent the letter with said information listed on it. How can we submit an offer without disclosing how much we are approved for? Does the buyer agent submit an offer assuring the seller/bank that we are approved to complete the purchase? The bank is listing the property at $180,000 and we want to submit an offer of $168,000 to start. Of course if the seller/bank knows we are approved for more they will not accept anything less than the asking price. Please help, we are first timers and need advise. Thank you in advance. |
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liverichly
Joined: 10 Feb 2005
Posts: 199
Location: Orange County, CA
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| Posted: Sat Jan 12, 2008 2:42 am Post subject: |
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| Ask the lender to issue you a pre-approval letter for the amount you intend to offer, or to remove the amount completely... they should be able to do that. |
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MC Guy
Joined: 20 Jan 2008
Posts: 23
Location: Eugene, OR
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| Posted: Mon Jan 21, 2008 11:02 pm Post subject: |
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liverichly wrote: Ask the lender to issue you a pre-approval letter for the amount you intend to offer, or to remove the amount completely... they should be able to do that.
This is definitely a standard practice. |
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Jenie0109
Joined: 27 Jan 2009
Posts: 307
Location: chicago IL
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| Posted: Thu Apr 23, 2009 9:06 am Post subject: |
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| thanks for the tip. |
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