Updated over 6 years ago on . Most recent reply
PreApproval Letter Before an Offer Can Be Made?
I am making an offer on my first rental, the agent says I need $500 Ernest money, and a pre approval letter or proof of funds before I can even make an offer, I know the Ernest is common but is the proof of funds/preapproval also necessary, or is there a way around this?
Thank you!!
Most Popular Reply
The letter is a good way of showing the seller you're able to close on the property and have your ducks in a row. Barring an actual letter, having something from your lender stating you're able to get financing would make the seller more comfortable. Comfy sellers are easier to work with.