Sense of Urgency and unavailability example: Good agents will call to verify a pre-approval.

In that case, you'd show a pre-approval letter from a lender instead of POF.  

@Doug Davis, I concur with the others above, you're going to have a helluva time acquiring an owner-occupied small multifamily, especially if your pre-approval/budget is around $300k-$400k, the main acquisition cost for many investors.

Not saying you should, check first of course.Depends heavily on the AHJ where you're located and whether or not you have a pre-existing relationship with them.

I can connect you with some great local lenders if you would like.Once you have your pre-approval letter from a lender, you are ready to start house shopping. 

What about the ground up developer that exhausted their interest reserve because  the construction debt was tied to the fed rate, but the project is still perfoming well and they want to hold off on refinancing a bit longer because its still a great long term hold but given the pre-payment penalties they are opting not to lock into a perm rate yet beleiving favorable financing will be available with a patient approach.....

Some properties can be in the pre-foreclosure phase for months but once an auction date is set you have a deadline that you need to keep in mind.

Couldn't have said it better myself mateThe pure fact that the poster is going out of their way to post about us is proof that we made the right decision.We "dodged a bullet" per se.I "touch" every investor inquiry because we keep our operation boutique and exclusive.7+ years later and 3,000+ investor calls, plus a thorough pre-screening process enables us to quickly make a decision if we are going to be a good fit.I have a detailed log in the CRM of basic questions asked that I won't reveal because I don't like dirty laundry being exposed.Plus my undies are Extra Large so I don't want anyone getting a complex heheheWe can sell houses to everyone until the cows come home but that's not the way we view our operation...It's not just about us but also making sure that we can deliver on the investors expectations.Do we sometimes make mistakes and turn down a potentially good fit?

I am planning to buy a 4bd 3ba house as a primary residence and will be applying for a pre-approval soon. 

I actually have my first tenant that passed pre-screening and am touring them the property Friday... fingers crossed!