Quote:
Originally Posted by Benzgirl
It's a Realtor-thing. Many of them think they are wasting their time (remember Commission only) if their buyer is not pre-approved. Pre Approvals are NOT required to put in an offer.
I've known of many buyers to be pre-approved for hundreds of thousands more than they can really afford because the LO told them they could afford $XXX, when much less was more realistic. Often, these are the people who end up losing their houses when the market turns. Our Loss Mitigation Department hears so often, "well the lender pre-approved me for that much".
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I was able to lock into an interest rate before I bought my house. This was in 2003 so maybe things have changed? Real estate was moving really fast here in Austin at the time so if you were not pre approved it was less likely that your offer would be taken seriously or even at all. When I put my house on the market I sold it within 24 hours-I would not have even considered a buyer that was not pre-approved. Things have definitely slowed down though.
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