Timeline When Purchasing Home and Borrowing Money

[Karan Manglani]

Hi everyone,

While there is a plethora of great information on BP, there seems to be one question that I can't fully understand.

My plan is to work with hard money lenders but I'm getting lost in the process. Below are my questions.

1. Do I secure a pre-approval letter prior to putting in an offer on a house?

2. How do I obtain a pre-approval with accurate numbers (purchase price and rehab costs) if the listing agent won't proceed to showing the property without proof of funds on short-sales or foreclosures?

3. Should I obtain the pre-approval for the purchase price then continue with a property inspection and follow up with the lender for the rehab costs?

Looking forward to some expert advice here!