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Just saw a friend's offer get rejected because they didn't get a pre-approval letter first
My friend in Denver tried to put an offer on a house last week with just a verbal 'yeah, the bank said I'm good.' The seller's agent asked for the pre-approval letter and they didn't have one, so the seller went with another offer. I keep seeing people skip this step, thinking a quick chat with a lender is enough. In a hot market, you need that official letter ready to go with your offer, or you look unserious. It's the first thing our realtor asked for before we even started looking. Has anyone else lost out on a house because they weren't fully pre-approved?
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betty1267mo ago
A pre-approval letter also shows the seller you've had your finances checked for real. That quick chat doesn't prove your credit score or job history is solid. It's like showing up to a job interview without a resume, you just seem unprepared.
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sandra_murphy7mo ago
Exactly what @betty126 said. That pre-approval letter is the only thing that makes a seller take you seriously. Saw it happen when my friend tried to put an offer on a place without one, and the seller just tossed it out. They had ten other offers with letters ready to go. It proves you're not just window shopping and can actually get the loan. Skipping that step just makes you look like you aren't ready to buy a house.
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wyattbennett5mo ago
Can you really blame sellers though when they've got piles of offers to sort through? My cousin went through the same thing last spring, put in a solid offer without a pre-approval and didn't even get a call back. It's a pain to get all the paperwork together but it's pretty much the price of admission in this market.
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