preapproval or prequalification on 16 unit offer
I am going to put an offer in on a 16 unit for $500k. The property just came back on the market and i would think the seller would want to see a prequalification or preapproval letter from the local bank I've been talking with. Is this a good assumption? Also the property is a value play and presently only 50 percent occupied. Will the bank provide a preapproval or prequalification on the property or just me at this stage in the game?