Posted by SeanB on September 14, 2003 at 23:00:02:
John,
by law in all 50 states, realtors must present any and all offers. PERIOD. This means without a pre-approval letter.
I suggest you write in your addendum that “Buyer reserves right to accompany broker to present offer”.
Sean
Newbie - First Offer - PreApproval Letter - Posted by JMS
Posted by JMS on September 14, 2003 at 20:45:52:
Just made my first offer on a SD house. Listing price is $69,900 but the property is in bad shape. Had 2 estimates of approx. $20,000 to fix up to resell. Comps are about 75,000 - 80,000 for similar properties.
Anyway, put an offer in for $45,400. Plan on looking for financing this week, but Realtor wants a Pre-Approval letter before presenting offer to seller. Question is how do I go about getting this quickly? Will this be needed for each property that I try to buy? If so, and if they check your credit rating for each one, doesn’t this lower your score? How do you get around having multiple credit checks being done for each property you want to put an offer in on?
Find a Lender…quick! - Posted by Kevin IL
Posted by Kevin IL on September 15, 2003 at 08:46:17:
JMS,
In my area the bank REO properties require proof of funds to make an offer. Do you have a relationship with a HML, commercial lender or private party to fund this deal? If so, than they will provide you with the proof of funds letter.
My realtor knows that I can get the money, therefore she doesn’t require proof before making offers. The deal I’m working on now the bank wanted proof, we wrote in the offer that proof of funds would be provided within 5 days of acceptance. This way my lender only writes letters for accepted offers.
the other poster says that the realtor must present all offers. While that is true, the seller can stipulate that they will not entertain offers without proof of funds. In this case, the realtor does not have to present the offer without proof of funds because the seller determined the criteria for an offer. As long as the criteria are not discriminatory, it’s their perogative to do so!