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Old 08-29-2010, 06:35 PM
 
7 posts, read 11,328 times
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Would like to buy a home here in sunny Las Vegas. I'm FHA approved thru a pretty well established bank. I'd like to put in offers on various homes...but many require being "pre-qualified" or "pre-approved" thru their particular lender.

Please note, "Pre-approval" and "Pre-qualified" are both interchangeable, in that, in most instances, the various banks want full documentation (employment, bank statements, etc.) from me to get their particular "letter" to submit with the offer.

All this having been said, "what gives?" Why isn't one fully documented "Pre-approval/Pre-qualification" letter enough?
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Old 08-29-2010, 06:44 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 32,484,948 times
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Quote:
Originally Posted by homehunter123 View Post
Would like to buy a home here in sunny Las Vegas. I'm FHA approved thru a pretty well established bank. I'd like to put in offers on various homes...but many require being "pre-qualified" or "pre-approved" thru their particular lender.

Please note, "Pre-approval" and "Pre-qualified" are both interchangeable, in that, in most instances, the various banks want full documentation (employment, bank statements, etc.) from me to get their particular "letter" to submit with the offer.

All this having been said, "what gives?" Why isn't one fully documented "Pre-approval/Pre-qualification" letter enough?
IN general the mortgage holder requires the secondary pre-approval because they can. It is actually a marketing ploy to try and get your business.

I have never heard of anyone doing anything other than a telephone prequal. If they want full documentation don't buy the house.

I always recommend that my clients ask what terms they are offering. Hell if it is better than the one you got switch.
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Old 08-29-2010, 07:22 PM
 
7 posts, read 11,328 times
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I'd heard that telephone "prequals" were fairly common and decided to make a call to attempt one. But when I called a bank to be prequalified, the rep who claimed to "1000%" work for a bank that begins with "B" and ends in "A" was adamant that a "local" branch get employment, bank statements, etc. The property in question detail sheet shows in the agent's comments section that a prequal is needed. I may call the agent on that one and ask what's "exactly" needed.
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Old 08-29-2010, 07:30 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 32,484,948 times
Reputation: 2661
Quote:
Originally Posted by homehunter123 View Post
I'd heard that telephone "prequals" were fairly common and decided to make a call to attempt one. But when I called a bank to be prequalified, the rep who claimed to "1000%" work for a bank that begins with "B" and ends in "A" was adamant that a "local" branch get employment, bank statements, etc. The property in question detail sheet shows in the agent's comments section that a prequal is needed. I may call the agent on that one and ask what's "exactly" needed.
Have your agent call and *****. I would rake the listing agent over the coals if they tried that with a client of mine.

And if they insist screw em...buy something else.

Note you will get a lot more action from the RE agent than from the lender guy.

Another way is just have your agent submit your offer without the prequal. Then see if they actually try to make you prequal. And your agent should insist that he get a rejection from the seller which is your right.
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Old 08-29-2010, 08:08 PM
 
Location: Beautiful Upstate NY!
13,819 posts, read 24,548,281 times
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Originally Posted by homehunter123 View Post
But when I called a bank to be prequalified, the rep who claimed to "1000%" work for a bank that begins with "B" and ends in "A" was adamant that a "local" branch get employment, bank statements, etc.
Bank of NevadA????
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Old 08-29-2010, 08:14 PM
 
7 posts, read 11,328 times
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No. Think bigger and national.
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Old 08-29-2010, 08:50 PM
 
7 posts, read 11,328 times
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Here's an update. My agent says they can ask for a "pre-qual." I told him I'm sure they can. But they're not simply asking for a pre-qual--they are asking for a fully documented "pre-approval." I requested he get clarification.

Further, I asked that he submit the offer with my bank's fully documented pre-approval letter and asked that I be given an answer (including a rejection if that's the direction it takes).

I haven't been lucky with agents since getting here (this is my third), but what I've read via other posts here regarding many agents in the valley just may have a ring of truth--that good ones are hard to find.
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Old 08-29-2010, 11:45 PM
 
125 posts, read 225,335 times
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I went through the same thing buying my house last year. Put out about 30 offers and probably 1/2 of them had to get a 2nd pre-approval from another lender (most were B of A).

Actually got to know one of the managers at one of the banks fairly well, and almost wish I had went with them as I had to spend about a week pressing my bank to finish everything and send to escrow during the last week of closing. Still get emails from the guy at the other bank asking how I am doing. Just checked my credit data and could not see any of the 2nd pre-approvals on it, but has been a little over a year.. so not sure if they rolled off or just were not added.
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Old 08-30-2010, 09:47 PM
 
7 posts, read 11,328 times
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First off, thanks to all who've shared their insights and/or experiences on this subject! Next, here's another update. My agent called and got the "Pre-qual" I did with the self-professed "1000%" guy forwarded to a local branch here...nothing further needed to be done. The "Pre-qual" was submitted along with my offer. My agent went on to say that the bank in question tries to get everything done "in-house"--selling, buying, etc.

Also, unless something's changed, it's my understanding that everyime "they" credit check, it's 3 to 4 points off FICO scores--definitely something to keep in mind when trying to get a certain rate while being asked to provide multiple "Pre-quals"/"Pre-approvals" just to submit offers.
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