Pre-Approval Concerns

[Account Closed]

Hello BP,

I was encouraged to get my financing in place prior to submitting any offers on potential deals prior to submitting offers considering most Realtors/Sellers won't submit/accept offers from investors/buyers that don't already have financing in place (or a pre-approval letter from the financing source) accompanying the offer. So my question is:

1. If I get pre-approved (in order to get this letter) now but I don't find a deal, would'nt my pre-approval expire in a certain time and if I have to do that a few times won't that affect my credit score negatively?

I can see that not being too much of an issue if I plan on using Hard Money lenders and Private lenders but what if I am planning on using a conventional lender?

Thank you guys.... 

[Michael Noto]

Regardless of what answers you get to your question you are going to have to get a pre-qual letter from a lender if you want to go the conventional financing route.  

I have seen pre-approvals last 30 days and I have seen some last 3-4 months.  It all depends on the lender and the specific lending programs that fit the type of purchase you are going to make.