Pre-Approval Letter for Multiple Offers

[Ryan Roberts]

Hello BP!

I am a realtor in the Austin area and have a client who is interested in making multiple offers.

Many sellers want to see a pre-approval letter when considering offers. Since we're making multiple offers we don't want to get lender pre-approval for each property and also don't want to show our cards (how much they're approved to borrow).

I was hoping to get some type of "blanket pre-approval" with no specific price or property stated, but we were 0 for 3 when asking lenders if they could do this. Has anyone done this or have a good solution?

[Patricia Steiner]

You most likely will not be able to get a lender to issue you one; the standards for issuing a pre-approval letter require that they be system generated and include the amount, borrower's name, and the like.