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do you have to have a loan pre- approval/qualify for a bank to accept an offer?

  • April 17 2011 - Paradise Valley
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Answers (5)

Answer Yes you do. The LSR was recently replaced with the Pre-qualification form & must be submitted with/for all REO contracts. They (listing agent) will not submit to banks with out it. Just like you need to sign "As Is" addendum & slew of other things. I have worked 20+ REOs in the past 4 yrs so I know this to be true. Honestly, go get pre-approved. It is free to find out & it really will help you to know where your ceiling is & etc. Yes, the other agents are right that most agents or Realtors will want you to be pre-approved However you should do it for your own sake. A good lender can walk you through different loan plans available, show you a loan calculator so you can see what a $200 K mortgage would look like monthly for example (plus add taxes, PMI, and or home owner's insurance) & etc. I only recommend Nova Home Loans, feel free to call or email me for my contacts information (I don't want to violate Zillow's guidelines by putting his contact info down). A lot of people will agree, it is a buyers market currently. I strongly believe buying a house should be an exciting & educational process for the buyer(s). Call & get Pre-Approved today & next step is to call & start working with an agent. There is so much inventory out there they can help you fine tune your search. Allowing you to find what you are looking for even faster. Best of luck. Spirit
  • April 18 2011
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Yes. banks normally require that their specific short sale or REO properties are submitted with a Pre-Approval that is current (done in the last 30-60 days). As well there is usually a short sale package of information that is required from the Seller. Banks have many properties and few "back office" employees working on getting the sales approved. The more prepared you are, the better chance you have of getting a yes from the Bank. Choosing a Realtor with short sale or Bank REO experience is crucial as daily follow up and timeliness are the key to success. Good luck!
  • April 18 2011
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No seller or Realtor work their salt would accept an offer without assurance that the contract can close. Many listings require the prequal letter to even consider an offer,
  • April 18 2011
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Dear KJ:

Yes, most sellers will require a Pre-Qualification letter from a licensed lender before they will accept your offer. This holds true if the seller is a bank or a private party.

No one will want to take the home off of the market and accept a contract until they confirm that the buyer has the financial ability to purchase the home. If the buyer is purchasing with cash, proof of available funds will need to be provided.

If you have more questions, feel free to ask.

Jeff Masich
Arizona Homes and Land
HomeSmart Realty
Scottsdale
  • April 17 2011
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Your have to submit an Arizona AAR Pre-Qualification Form before the banl/seller will even consider your offer!  And some listing agents are not even allowed to submit the offer if there's no Pre-Qual with it.

The one exception is if you're paying cash, and in that case they'll insist on receiving proof of cash funds before considering your offer.

If you want or need the name of a reputable mortgage lender, just email me from my profile.
  • April 17 2011
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