Pre-Approval Letter Question

1 Reply

I have my buyers get pre-approval letters in increments that they want to bid, so the loan officer will send them, say, one for $70,000, another for $72,000, and one more for $75,000 if they want to go that high (doesn't matter that list price is $79,000).  That way, if we do get a counter or decide to offer $72K instead of $70K, we don't have to wait for an updated pre-approval letter.  I would not submit a pre-approval letter that shows higher than you are currently bidding, no matter the list price, unless for some reason you really want them to counter at the price shown on the letter.