However, the quality of that loan approval letter can also cause a seller to reject the offer. These days, a loan prequalification letter is not enough. I always caution my buyers to deal with a reputable lender who will issue a preapproval letter, but there are other considerations beyond preapproval that are important.
There are three things I consider when I receive a loan approval letter on one of my listings, and I'm not alone. Other agents scrutinize those letters in the same way, too. Without knowing it, buyers can easily sabotage their purchase offers . . . read more about Loan Approval Mistakes.
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At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.
Comments
I had a hard time getting a loan from anybody in this climate. In the end, I had to go to and get inspected. The banks told me that without an obvious edge I was going to be stuck trying to make it work with 5 people in my 2 bedroom. In the end I went to them, they were helpful although I don’t know why they needed an inspection, because I think the owners of the home had one already.