Is a pre-approval letter required when making an offer? (accept, banks, agreement)

[beegeez]

My wife will be getting a substantial raise in mid february. I've talked with the loan officer at my credit union and she said we wouldn't have a problem getting approved and will supply a pre-approval letter...after she supplies a pay stub showing her updated salary.

The problem is that the house we really want is on the market now. Can we make an offer without this pre-approval letter if we set a closing date of late February when we will be approved for the loan?

It's a bank owned property. Will a bank be willing to accept such an offer? Thanks for the help.

[rjrcm]

Originally Posted by beegeez

...It's a bank owned property. Will a bank be willing to accept such an offer? Thanks for the help.

No. Banks require pre-approval with the offer. Many require approval through their in-house lender.

For non-bank owned properties, it will depend on the terms of your purchase offer agreement. The standard AZ purchase offer agreement requires a lender pre-approval to be attached. Most sellers will not negotiate and take their home off the market without proof that the buyer can get approval.