Pre-Approval Letters... Houston but general to all

6 Replies

Hi,

We've made offers on four multi-family properties now. Financing is not an issue. What has become an issue is that each seller is requesting a pre-approval letter. This is frustrating because we often will offer on a property within 48 hours and at least the banks we are working with don't just mail them out that quickly. My question to you other investors is how do you handle this pre-approval process in the context of the offer process?

Kevin can't you get a standard approval letter from your lender make copies and submit with your offers?  Seems pretty straight forward however I personally have never dealt with preapproval .

Originally posted by @Karen Bickford :

Kevin can't you get a standard approval letter from your lender make copies and submit with your offers?  Seems pretty straight forward however I personally have never dealt with preapproval .

 What does a standard one say? The ones I saw listed the purchase price. Do you just enter in the purchase price for each property or is the language more generic?

I can't speak for multifamily properties but all my single home buyers have had their pre-approval letters scanned to them the day they asked for them.

Originally posted by @Fred Heller :

I can't speak for multifamily properties but all my single home buyers have had their pre-approval letters scanned to them the day they asked for them.

 I did get mine the day I asked just curious if there is a more efficient way. I am intrigued by the idea of a general template to use whenever you need.

Hi Kevin I am assuming that you are approved for x amount of financing and you are putting in offers based on what you are approved for.  

If you know the amount that you are approved for by the bank have them put in in writing for you and make copies. It should be as simple as Kevin wood has been approved for financing up to xxx amount from xyz bank. Once again I have never used an approval letter so maybe it is more complicated than it should be.

Originally posted by @Karen Bickford :

Hi Kevin I am assuming that you are approved for x amount of financing and you are putting in offers based on what you are approved for.  

If you know the amount that you are approved for by the bank have them put in in writing for you and make copies. It should be as simple as Kevin wood has been approved for financing up to xxx amount from xyz bank. Once again I have never used an approval letter so maybe it is more complicated than it should be.

Thanks!