Seller agent asking buyer for pre approval.

Seller agent asked me(buyer no agent) to bring my pre approval, I do not plan to give a full ask offer. Should I get pre approval for the amount I plan to offer or of the asking price of the listing?

Guest User | 5 years and 11 months ago

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mjkelly

in General Discussion 5 years and 10 months ago

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Showed a pre approval that matched my offer.

mjkelly

in General Discussion 5 years and 10 months ago

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Showed a pre approval that matched my offer.

jeanette | 5 years and 10 months ago

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Pennantpark – What did you finally do in regards to the Sellers request?

jeanette | 5 years and 10 months ago

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Pennantpark – What did you finally do in regards to the Sellers request?

brokelin | 5 years and 11 months ago

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Gotta STRONGLY disagree with wonderednow’s first statement – what a bank will preapproved you for, and what a reasonable buyer will spend, are two completely differently things. I would never have spent as much when I bought as a bank would approve me for – I needed some of my salary left over to live on, not to spend all of it on my home.

So, I would never get a letter in the amount a bank would lend me as I wouldn’t ever offer that amount. I also would NEVER share the amount that a bank would be willing to lend me with my broker, or even tell a broker the most I would be wiling to spend. Because Slopefarm is right – the buyer’s broker doesn’t work for you, they are legally a sub-agent fo the seller’s broker, and work for them. This is how it works in actuality, no matter how much you like your buyer’s broker. They are paid by the seller, just as the seller’s agent is. And Slopefarm is right – don’t use a lawyer recommended by a broker – and also don’t use a mortgage broker recommended by one either – not unless you talk with a few other mortgage brokers as well.

But I agree with wonderednow’s statement to get a preapproval letter in the amount you are offering, and submit that. You can always get a another letter in a greater amount when you raise your offer, or win a bidding war, as yourhomenyc wrote.

stevecym | 5 years and 11 months ago

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@ wonderednow, your approach seems better. i usually do not comment on the business side of things here, the accounting and numbers and there is a reason i don’t. if i were buying a used piece of machinery for my shop, i would never tell the seller how much money is in my blue jeans.

slopefarm | 5 years and 11 months ago

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I’m going to dissent on the idea of a buyer’s broker. A BB doesn’t work for free, but for a portion of the fee. Since you don’t pay the fee, it raises a question for me about where the BB’s loyalties will lie when challenging issues come up. If there’s no deal, there’s no fee. I think it better to just get your lawyer in place, who you pay directly, and run any questions by the lawyer (and don’t use a lawyer recommended by the broker).

valperez15

in General Discussion 5 years and 11 months ago

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I am with @wonderednow. I do a lot of buy side business and I usually submit a pre-approval for our offer price or just a shade above so that the seller’s agent knows that we easily qualify for the offer amount. If the price gets bid up, we resubmit a bid and a new pre-approval. If you already have a buyer’s agent, the seller’s agent should be going through them and they should be advising you on strategy. If you don’t have one, please use one. It’s free and there is no good reason to go it alone.

resident2 | 5 years and 11 months ago

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All offers should be submitted with a pre-approval if you will be looking to get a mortgage contingency. Proof of funds if not. This is standard procedure.
Sellers & their agents do not have time to waste with unqualified offers.
To save your own time; make sure your mortgage banker / broker not only runs your credit but also verifies savings & income. Many Banks want savings to be in your accounts for a minimum amount of time; otherwise it looks like it could be a gift or a loan from family etc … in this event a good Mortgage person can explain & help you to get your apples in a row. Many Banks want to see that you have not only been in employment for a certain amount of time, but with the same company at the same income level.
Many deals fall apart because of the above. If all your mortgage person has done is asked you what your credit score is and how much money you make, checking only one pay.. “To save time stub” , they can spout out an approval in 2 minutes … they have just wasted your time , while they think they have made themselves look good.
A pre-approval for a specific property: IE the RE Taxes etc are considered in the equation of what you can afford to offer for the property in question is better than a general approval. For your offer amount; it should not automatically be thought of as the only amount you can afford. Have a very good idea in your mind what the property is worth to you and stick to what you can afford.

bbrc

in General Discussion 5 years and 11 months ago

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As per my comments above, I respectfully disagree with @Steve and @GreenThinker on this.

To add to what I said before, yes, you should *absolutely* know and share with your BUYER’S broker the maximum that your lender will pre-approve you for. You should get a preapproval letter stating this max.

However, if the SELLER’S broker is asking to see a preapproval in hand when making an offer, have your lender issue a second one for the amount you are offering, *not* your max. It does not advantage you to tell the sellers the maximum you are able to borrow. Sellers and sellers’ brokers expect negotiation in price, and unless they have existing offers higher than yours or your offer is exceptionally low, they will counter offer, at which point you get an updated preapproval letter.

Your broker should be able to advise you on this and will surely be familiar with how preapprovals work.

stevecym | 5 years and 11 months ago

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if you are a first time buyer, all of this is confusing isn’t it? and each step of the way you wonder if you are playing a game of chess with the seller (and the bank) and if you make a mistake, you’ll end up paying more – either with the price you pay or something down the road. this should all work out fine for you and if you make your offer and they balk, maybe it was not meant to happen.

stevecym | 5 years and 11 months ago

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i wonder if the cautious approach you are taking, by not showing them all your cards so to say, is the best way. but that is not what we did. when we bought our house, we had a pre approval for much more than the house we bought and while the sellers knew we had the pre approval, they never asked how much it was for and we did not go with that mortgage lender anyway. so i would defer to what green thinker is saying.

GreenThinker | 5 years and 11 months ago

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I’d get a pre approval for the maximum. Might even end up being more than they are asking for the property. In my mind it tells me the buyer is someone that i have a good chance of closing with. What the property is worth and what you’re willing to offer for it is just another separate matter. The pre approval later is just like, hey; i have good credit and a bank will give me a mortgage, so you won’t be wasting your time with me.

bbrc

in General Discussion 5 years and 11 months ago

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Get pre-approval for the amount you want to offer, not the asking price. If they counter offer and you decide to increase your offer, you get a new pre-approval for the higher amount. Never let them know the maximum you are approved for, as this takes away all your negotiating power.