Pre-Approval, please

Posted on Oct 8, 2008 by in Buyers

The pre-approval letter has always been an integral part of the presentation of an offer.  The pre-approval letter is, as its name suggests, a letter, usually addressed To Whom it May Concern, which states that the people hoping to buy a house have talked to a lender and the lender thinks, to the best of his or her knowledge, that these people will be able to purchase a home.  Phew.  Please do NOT report that run-on sentence to my 8th grade English teacher!

I am not a lender, so I love it when lenders say what I would say if I knew enough about lending to say it! Recently, Rhonda Porter penned a timely reminder about pre-approval letters over at Rain City Guide.  In a topsy-turvy market, we need the most info and the most RECENT info possible when offering on a house. That’s why you need to make sure your pre-approval letter is hot-off-the-press, as it were.

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No Responses to “Pre-Approval, please”

  1. Rhonda Porter 8 October 2008 at 5:01 pm #

    Thanks, Cari! I’m always surprised when someone wants a prequal letter instead of a preapproval…who would even accept a prequal these days?

    Reply
  2. Cari McGee 8 October 2008 at 6:55 pm #

    Thank YOU, Rhonda, for so very often tackling important issues and writing about them in such a clear manner.
    It always surprises me, too, when an agent asks me if I have a prequal letter for my clients. Why would I even waste their time with a prequal?

    Reply

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