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A co-worker is mine just got pre-approved for a mortgage. The property is listed at 518k (in Laurel, Maryland). He wants to offer 400k. He actually got pre-approved for around 475k. If he tells them that he can only afford “400k” will they ask for pre-approval letter before taking the offer serious? He wants the property but would not be devastated if he lost it. Should he even mention how much he was pre-approved for? What would be the best tactic for getting the best price. He stated he will not go any higher than 450k. Thanks in advance.