The law says I must submit all offers. But that doesn't mean my clients have to seriously consider those offers. I don't want pre-qual letters in any event... I want serious pre-approvals.

Wrap that "offer" around a brick and throw it back.

In my area, it's customary for buyers to submit a pre-approval or proof of funds with their offer. 

I have.

It was submitted with the explanation, "Buyer did not know they would be trying to buy a house today. Pre-approval will be presented next business day."

However, 15% below list would get a 'Give me your highest and best or don't bother" response.

Nathan,

In the luxury arena some people don't need a pre-approval letter.  The seller can call their banker, and the same was true in commercial real estate.  We did not need a financial statement  with an offer, on a lease if they were moving from one building to another, or expanding to another store.  I agree with Nina Hollander and Kevin J. May   A

Pre-qualification is just another word to me. It's pre-approval that I seek. There are many times when my Buyer and Seller already know each other and no further action is necessary, however, all others need a pre-approval before proceeding.

Our AZ RPC states that if bank-financed, an AZ prequal is attached to the offer--so it's not actually a complete offer without one.

What a colossal waste of time... but Nina Hollander has a great point about being required by law to submit ALL offers.

Absolutely - it's up to the sellers whether they want to take a leap of faith without having one. If we get one without a pre-approval, I advise the sellers to request one before considering the Offer.  

As a buyers' agent, I don't submit Offers without them - I give my buyers every opportunity to 'win' in these times of bidding wars so, my Offers are very through and absolutely include a pre-approval letter or POF if they're cash buyers.

No sir not a chance

Seriously? Some buyers/agents think . . . maybe they don't think.  Back to class.

No. And that offer you received is ridiculous

I would NEVER submit an offer without a pre-Q letter.  It's just a waste of time.  I explain to every buyer I work with that I will not even show them properties until they have been pre-approved.  That way no one is wasting their time.  And we have the best opportunity to win a bid when they find the one they like!

No.

It is a weaker offer if there is no prequal letter. But sometimes these are accepted anyway - with knowledge that the letter will come shortly.

Just say NO....they don't get in our car...have a pre-buying conference...and for SURE do not get an accepted offer...we have it right in MLS with our listings.

Will be trashed. incomplete submittal.

We don't even get to offer without discussion which includes this & more

I do yes - but will forward one if the offer is accepted or if it's required

If I know the agent and trust their due diligence I will present subject to verification. The vast majority of offers due come with a letter.

Always do the right thing

Never. And they are pre-approvals

Yes I do-when they are all cash. But, then POF is submitted.

I agree with you...NEXT!

I would thank them for their interest and ask them to submit the required documentaion with offer so it can be properly presented to seller.

we want a pre-approval letter.....period....pre-qualification means nothing....

Pre-approval subject to a property appraisal fits better! Your offer is a waste of paper!

It depends on the seller's instructions. Many would ask to only see offers w/pre-approval letters, and if that was the case here, I'd just tell the buyer agent to get me the pre-approval. 

I received a CASH offer over the weekend, with no proof of funds.  Repeatedly asked for the proof, and offer was below asking also.  Did not go anywhere.

Wow,  I always try to have a preapproval letter at least,  then to ask for consession with the hot maket, I would present this but would recomment again it.

Whoopsie! Let's face it; a pre-qual letter is worthless these days. Show me the $$$

Trash it. Well, I'd still mention that to the owner, but would explain what such amazing offer can bring with it. 

I would worry about the price more then the PQ...because the PQ means nothing.

I had one buyer who had PQ's from 4 lenders with 4 different max prices with a 60K spread.

I had a mtg broker license for 15 years and owned a mtg company, so in chit catting with him about his school loans, things did not fit.  I had him re-prequalify with my smart lender and he did not even qualify for the lowest PQ he had.

Eve

Not if I want to have a client's offer considered.   

I give my clients advise and then follow their lawful directions.

I try not to.

A MUST

Never - unless it's cash - and then include proof of funds...

Present to seller. They will probably reject it. Even if they are getting a mortgage, they should include a letter from their bank saying they have sufficient funds available. Pre qual can work just a swell as a pre -approval. i've had pre-qual without any problems. It just depends on what the loan officer has actually done before issuing the pre-qual. If they took info over phone, but haven;t verified any of the information, it's worthless. If they did verify the information they took over the phone, it's usually just as good as a pre-approval.

Not at all Nathan Gesner 

Nathan Gesner - do not underestimate the power of low-ball incomplete offers!

Counter them at $10K above asking and enjoy the fun!

I have in the past.

No, but in that offer you received why not skip the pre-qual.  That offer has no chance of being accepted.

Nathan Gesner It can be complicated.

We are slowly moving towards requiring a pre-qual but very slowly. The majority of the offers here still do not include a pre-qual Nathan Gesner .

At times but with a timeline for it.

Yes, sometimes we have to if it is a weekend.  I don't generally submit offers that have a pre-approval at a different price than the offer price.  If I can get one from the lender on the weekend I do it.  If I can't I let the agent know who the lender is and I'll get it first thing Monday morning.  

A couple of months ago I submitted an offer before the buyer had even gotten qualified.  She was a repeat client and I knew her financial picture, she didn't know she'd make an offer that weekend but saw a house she wanted to see and we wrote it on Sunday.  It's not ideal of course, but our Purchase & Sale actually has a spot for us to disclose if they have applied for a loan or not and how long after acceptance they must have it done. The seller accepted the offer Sunday night, she applied on Monday, we had pre-approval to seller on Tuesday and it closed 30 days later....

Of course, as listing agents we don't like to see that at all, so I get it.  The seller can counter and by Monday after a back and forth perhaps the buyer will provide the pre-approval if they can't over the weekend. We always recommend a counter, not a straight up rejection.  Let the other party be the one to walk away. You never know. -Kasey

Absolutely. Not. 

In 15 years I never have and likely never will. I know it won't be looked at seriously. Adding to that, I would not be working with a client that is not pre-approved. 

Nathan Gesner Yes, a pre-approval letter is required.

I dont accept them without one.