Profile picture for midas3

Making an Offer w/o a Mortgage

I've asked my agent to make an offer on a home.  While I know I can qualify for a mortgage, I have yet to apply for one.  The reason I have not is because I am only looking at one home and I do not want to apply if the seller will not be accepting my offer so then I have to apply again 4 or 5 months down the road when I find something else I like.  Can my agent make the offer without my qualification in place?
  • May 13 2014 - US
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (9)

Yes, they can present the offer without pre-qualification, but from a Seller's perspective, it  is less likely to  get the attention it may deserve.

Get pre-approved for a loan
  • May 14 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Ali Qureshi
It is not advisable to go this route of making an offer without actually getting a pre-approval. Also, the seller would like to see proof of funds and in financed offers a pre-approval letter along with a statement showing funds for down payment serves this purpose. 
  • May 14 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for wetdawgs
If there are competing offers, a seller is likely to accept the one with the highest confidence it will close with best value for dollars in their pockets.   If a buyer puts in an offer without a pre-approval, it is guaranteed to go to the bottom of the pile (unless the house is owned by your Mom).
  • May 14 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

My owners will not consider any offer that does not have a pre-approval letter.   You mention a loan application which is different than meeting a lender and getting pre-approved where the lender has verified your credit and employment and earnings (Tax returns) and looked at your Debt to Income ratio.   Get a pre-approval and rock and roll

  • May 14 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for USMortgageRanger
The Agent will only make and offer if you are paying with verifiable cash as you are asking the seller to take his home off the market only to find out later that you do not meet the mortgage qualification rules. Get approved for a mortgage now and it will be good for 4-6 months giving you enough time to find the home that you desire. [self promotion deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines]
  • May 14 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

I would personally suggest just applying for the loan and obtaining your pre-approval letter. A pre-approval letter will last as long as nothing changes in your financial history after pre-approval.

The reason I think this is beneficial to do is because it will give your offer some verification. If there are multiple offers on this home then you're offer is going to be dished to the side simply because the other offer comes with more of a gaurantee because that buyer is pre-approved.

After all, you can recieve a pre-qualificiation in a half hour if you contact me, I can pre-approve you within an hour of recieving your supporting documents. If you'd like more information or have any questions feel free to contact me through my zillow profile.
  • May 14 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

A lot depends on the local market and how competitive it is right now.  In the past I have submitted offers with the stipulation that the Buyer will provide a loan pre-approval within 2 days of offer acceptance.  This way the Seller only has to wait 2 day to know if you are going forward or not.  It might work.
  • May 13 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for zuser20140410083220713
Your agent could submit  the offer, however, no listing agent worth their salt will accept it. The seller needs to know that the buyer qualifies before they accept an offer and take the home on the market. In this market where I am an offer like this would be put at the bottom of the pile and there would probably be no response from the seller. Besides the mortgage market keeps changing your agent should be advising you to apply before submitting an offer on your behalf,.
  • May 13 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Sure, of course. It may not be taken as seriously by the seller without loan pre-approval, but you can still make the offer.
  • May 13 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.