Putting in an offer with out pre approval?

Husband and I fell in love with the perfect home! We should be able to get financing around march while we wait for a few things to clear on our credit but the house is going to be auctioned at the end of the month. I was told we could put in an offer to at least delay the auction and include "with approved financing" in our offer contract. Any advice on this sticky situation is incredibly helpful 
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December 06 2013 - US
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Answers (9)

While I know you are anxious to buy, buying without the certainty of financing will only cost you money and heartache.  In addition to the comments others have made about  having your offer accepted (unlikely), there is the concern about your investment both monetarily and emotionally. Suppose you do get your offer accepted then submit earnest money, perform inspections, appraisals, etc. These may cost you money you cannot afford to risk.  Plus you will visit the home, make plans, etc.

If the financing doesn't come through you will be very disappointed.  It is best to wait until you are ready and certain that the deal will work out.  Homes are like buses, if you miss one another will be coming along soon.
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December 06 2013
Mikala it looks like that you want to buy an action property. Since most likely the property owner is  lender they need to see an approval letter when you submit your offer. They want to make sure that you can fulfil the contract. Speak with your Realtor they should know how to get you a pre-approval and put contingencies in the contract in regards to your financing
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December 06 2013

Why not talk to the current lender that's getting ready to auction the house off? If you could get in touch with the right person you might just be able to talk them in to working with you instead..

If someone put it under contract today they'd be 30-45 days out from closing, so you'd basically be asking for an extra 30-45 days if you're good to go in March.

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December 06 2013
Usually offers without pre-approvals are not taken into much consideration, especially compared to other offers that do have pre-approvals. If you want your offer to be taken seriously I recommend that you get that pre-approval going. There are lenders like myself that would be glad to speak with you to help you get started on a pre-approval so get into contact with some lenders. Well I hope this helps! If you have any further questions or if you would like a loan, feel free to contact me.

Good Luck!
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December 06 2013
Mikala, When buying a home, buyer and the bank are like partners. Buyer brings a very small percentage in comparison to its partner. You don't have the partner then you are not really a buyer. I highly advice you to get in touch with your bank so you do not loose the house you love so much. Vibha Mehra, SFR Keller Williams Realty, NJ [Content removed by Zillow Moderator. Please see our Good Neighbor Policy]
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December 06 2013
In my market, Northwest Indiana, banks want to close within 30-45 depending on what type of financing the buyer will have. If the buyer delays closing, there can be an additional fee per day until the closing takes place.
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December 06 2013
Most sellers will not look at an offer unless they know they buyer has been preapproved. 
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December 06 2013
Based out of New York and also being a Direct Lender I would always get pre-approved first.  Sometimes you don't know about items on credit or a medical bill that turned into a lien or something directly hurting your credit.  The Free credit score sites are just ok at best, a bank pulled credit report shows everything.  I think you would feel better taking the time and having a professional review your situation.  Get yourself the details of the mortgage such as the payment including taxes and maybe mortgage insurance. 

Knowledge is power....
good luck !!

Kieran
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December 06 2013
Where I sell real estate (Northern Virginia), no seller would take an offer seriously unless it was accompanied by an approval letter from a lender. Also, I doubt a lender that is planning to foreclose on a property would wait three months to find out whether a prospective buyer would have the financial ability to close on the transaction. If this was helpful please click the thumbs-up below.
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December 06 2013
 
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