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After speaking with my lender, they suggested that I only get pre-approved for the amount of the offer I wish to make. I did this, and then found out there was a competing offer. I’d like to now make an offer which is a bit higher than my pre-approval amount.

Will showing a pre-approval amount $18k lower than the offer I am submitting hurt me?

What do people usually do in this situation? We were advised not to get approved for above the asking price as it would hurt us in negotiations.

We are also interested in offering on another property if this one falls through. The other property would be quite a bit more expensive than the current pre-approval amount. The difference between the offer and the pre-approval letter would be $45k.

Do people just get a new pre-approval letter for each property they want to bid on? My lender says no, and that ‘everyone knows’ a pre-approval amount doesn’t necessarily reflect the max of what you can afford – and you can just explain to the sellers agent that you have the savings to cover the difference between your pre-approved amount and the asking price.

Your help please! I don’t want to lose this apartment!