Pre-approvals

[Jerry Stanford]

When it comes to pre-approvals, is the amount of the approval normally included?? If not, will the lender still accept it?? Doesn't having the pre-approval amount noted eat away at the negotiation??

[Ronald Bourgeois]

You could always ask the Loan Officer to complete a Pre-Approval document for the amount of the offer.

Example:  Your buyer is pre-approved for $250,000 but he/she is submitting an offerfor $180,000. Have the buyers loan office produce a "Pre-Approved Letter' at or slightly higher than the offer price for the property.

There is no reason for the other side to know how much money the buyer has.

I do this all the time when I'm the buyer agent.

Hope this helps.