Seeking Advice for First Deal

[Joe Garb]

Hello BP Community!

I am seeking some advice on my first deal.  It is a for sale by owner multifamily unit in Chicago and I feel the seller is motivated (retiring and leaving the country). The seller is requesting I provide a preapproval letter before moving forward which is fine, but i feel once i provide a letter showing I have been preapproved for the full asking price I may lose my ground while negotiating the price. Has anyone dealt with this in the past and have any guidance?  Also being my first deal and for sale by owner without an agent assisting does anyone have any advice for the transaction assuming we agree on terms.  I plan on performing an inspection and getting an attorney. 

thank you in advance!

[Chris C.]

pre-approval letters can always be lowered.  go back to your lender and ask them to lower it closer to your offer