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Updated over 6 years ago on . Most recent reply

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Josh C.
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15
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Pre approval for every house?

Josh C.
Posted

I noticed that my pre approval has a price on it and I am getting one for each house I put an offer on. This slows me down because I have to rely on the loan broker to type these up for me as I find each deal. 

I am concerned that if I present a general one with a price of say 100k and I offer lower, the seller will have leverage to try to go up? 

What do you guys do for pre approval letters? 

Most Popular Reply

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Wayne Brooks#1 Foreclosures Contributor
  • Real Estate Professional
  • West Palm Beach, FL
13,509
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23,418
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Wayne Brooks#1 Foreclosures Contributor
  • Real Estate Professional
  • West Palm Beach, FL
Replied

Get One, for the max you can be approved for. Thinking a seller will negotiate up because you "can afford it" is silly. Many cash buyers show a POF for $1M when buying $100k properties. Besides, I'd much rather sell a $100k property to someone approved for $200k as opposed to someone approved for exactly $100k.....better chance of them actually qualifying and closing.

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