Adding to what Greg said, there are lots of buyers who aren't pre-approved or will make an offer and then not be able to get financing wasting the seller's time.

If you're licensed and acting as a fiduciary, you are required to use the TREC promulgated form or another form approved for use by TREC (ie TAR) unless the seller or buyer or their attorney requires the use of another form. 2. 

(more than likely) The rates are not locked in until final approval is given.

Ben,First from a Bankers point of view you are over extended from an LOC perspective and its hurting your DTI and future approvals. 

There's no refund for the time and effort spent.2) Dependent upon City/County Approval: Even after all the due diligence, we're still dependent on the city commission's approval.

I know my value in bringing the deal, managing approvals and minor renos and having the team to get this done quickly. 

I am approved to use VA loan at 5.5% guaranteed.

If they do it increases your odds of getting approved.

As an investor, you'll need to wait until this period expires before your offer will be considered.Additionally, Freddie Mac may require proof of funds or a pre-approval letter with your offer, and they often prefer cash offers or conventional financing.

We are creating our partnership, getting approved for a mortgage, and then putting in offers on specific properties we like based on the analysis.