What happens if I get a pre approval but don’t/ can’t buy ?

[Joshua Piche]

Hello, I have been looking at several options of how to start my real estate journey. Out of state, condos etc. I never thought I could get a multi family. But I saw a property for sale and running numbers off homes.com ( not sure how accurate) . I think I could afford the mortgage especially cause a unit is already rented at a fair price. So my question is if I apply for a pre approval but get denied or for example property gets taken off market. What are the down sides other then credit taking a hit ? I have been told many times get pre approved before doing anything. But it always felt like they were just trying to sell something. So Im thinking of just doing it so I can see what I qualify for. Just wondering if theres anything that can hurt me if I don’t qualify or buy a property within a certain time frame. Sorry if this is a naive question but the more I know the better