Quick question. I was told that offers are due today and I'm looking for a preapproval letter. TODAY. Any ideas how I can get one just for the offer? Is this even possible?
What do you mean by anywhere? I know that some of the banks have online apps that will produce a preapproval letter - but it requires them to run a credit check.
Your best bet is to talk with your local bank and ask them to prequalify you - even if you aren't going to use them for the loan. Its just easier.
Or if you plan on using a hard money lender, thats even better. They're pretty good at turning one around as well. Maybe your realtor knows a good lender that is willing to do it as well.
Ultimately, the preapproval letters are about as useless as anything we provide. They basically tell the seller nothing since they are not a guarantee the lender will lend. And you can get a bank to write you one without checking your credit if you have a reasonable relationship. They have zero value so I have no idea why sellers require them other than tradition.
Nevermind, I figured it out. I got one from Quicken loans.
You know. I thought preapprovals are pretty useless. But this seller is asking for one with the offers. But thanks for the info!