Caroline Gerardo, C. G. Barbeau the Loan Lady nmls 324982 (Licensed in 20 states)

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Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Suggest another lender and use the reverse side for scratch paper to help the environment 

Jun 28, 2017 01:45 PM
John Meussner
Mortgages in AZ, CA, CO, DE, FL, GA, IN, MD, MN, MT, NC, NJ, NV, OK, OR, PA, SC, SD, TN, TX, UT, VA, WI - Fair Oaks, CA
#MortgageMadeEasy Fair Oaks, CA 484-680-4852

The math is fuzzy, the preapproval is expired, it's just sloppy all around.  Not the best I've seen, but not the worst.

One thing I'd say is the note of "4 loans to get approved" is pretty out of line - an applicant may have more available money or could come in with more cash, but a good lender can explain down payment assistance programs as a benefit to the buyer  --- just because people are using down payment assistance doesn't necessarily mean they NEED down payment assistance.  


Jun 28, 2017 01:10 PM
Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

I'd be suggesting another lender for a pre-approval.... this is not acceptable....can't put a deal together with this one...

Jun 28, 2017 12:42 PM
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text


Jun 28, 2017 12:36 PM
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

I would throw it out an ask for a real one from a local and trusted lender

Jun 28, 2017 01:31 PM
Roy Kelley
Retired - Gaithersburg, MD

This would not be acceptable.

Jun 28, 2017 01:40 PM
Eve Alexander
Buyers Broker of Florida - Tampa, FL
Exclusively Representing ONLY Tampa Home Buyers

I would make the counter offer subject to the mortgage company manager providing a comprehensive PQ that is acceptable to seller.  It would also include a provision that the mtg broker provide updates to the seller every 2 weeks.

While shoddy stuff like that PQ is not acceptable, neither is the LA making a mandatory requirement to have buyer scrutinized by their best friend...oops, I mean their "affiliate" know the mortgage broker who pays them under the table for the referrals.


Jun 28, 2017 01:03 PM
Caroline Gerardo
Licensed in 20 states - Newport Beach, CA
C. G. Barbeau the Loan Lady nmls 324982

Mike Kelly   asked a question about Listing agent requiring a cross qualification. Many chimed in. Above is a pre-approval I received today. It's expired, the letter head company is not NMLS licensed, the first second third grant and down payment don't add up. They mention "Credit score" but only one score is provided and seems unbelievable and doesn't use lender language which would be to call it a FICO as FICO being different from the credit score a consumer recieves. This letter states it has not been underwritten. I know what I think, what do you say?

Jun 28, 2017 12:15 PM
Debe Maxwell, CRS
Savvy + Company (704) 491-3310 - Charlotte, NC

That says 'pre-approval' but, that's a pre-qual if I ever saw one! Back to the drawing board (pun intended!!)

Jun 28, 2017 09:35 PM
JoAnn Moore
The Mortgage Market of Delaware - Georgetown, DE
Home Loans in Delaware

Wowsa! This is bad. Glad you have the other offers.

Jun 28, 2017 03:08 PM
Jill Murty, Realtor - Orange County, CA
Movoto - Laguna Niguel, CA

The letter inspires no confidence and a lot of concern.  

The seller would require cross approval with a trusted lender.  Further, what kind of agent would present this letter with their offer?  It provides insight as to the sloppy way the agent and lender do business.

The letter should state "principal and interest", not "principle and interest". 

Jun 28, 2017 02:04 PM
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co Notary Services retired RE Broker

I would ask the lender to send me a nice new clean letter Caroline Gerardo 

Jun 28, 2017 02:04 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

I'd be suggesting another lender who I know would provide an appropriate letter for use with offers.

Jun 28, 2017 01:48 PM
Susie Kay
Ultra Real Estate Dallas Fort Worth - Plano, TX
North Dallas Specialist

I would ask the listing agent for another pre-approval letter. That doesn't look right and makes you wonder whether the lender knows what they are doing. 

Jun 28, 2017 12:53 PM
Kasey & John Boles
Jon Gosche Real Estate, LLC - - Boise, ID
Boise & Meridian, ID Ada/Canyon/Gem/Boise Counties

I read all of your comments adn responses and it sounds like there are more issues that just the approval letter.  If the lender is not licensed to lend in my state then a whole new company is required, they can't get financing through that lender. If it is an expired letter, obviously an updated one is needed.  If there are multiple offers like you mentioned, the seller can choose to request a new one or just put that offer at the bottom of the pile and choose one that is more solid from the start. -Kasey

Jun 29, 2017 08:03 AM
Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
CEO of Vision Drive Realty - Coastal San Diego

I'd call that lender to explain if I couldn't simply get them over to my rockstar lender Jason E. Gordon 

Jun 29, 2017 05:36 AM
Marco Giancola
Beachfront Realty - Miami Beach, FL
Realtor (305)608-1922, Miami Beach Florida

I would take it for what it is, a bit of information and a desire to purchase but NOT a commitment to lend as clearly stated. The expired part is totally unexceptble though.

Jun 29, 2017 04:27 AM
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Caroline Gerardo I am sure there will be someone in your network....

Jun 28, 2017 11:00 PM
Anthony Acosta -
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

Call a different lender

Jun 28, 2017 10:36 PM
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

Suggest that they turn down the offer until an offer comes in with a better pre approval.

Jun 28, 2017 09:15 PM
Melissa Jackson REALTOR
Trinity Premier Properties - Azle, TX
Helping You Make The Right Move

This is worthless.  Request pre approval from a lender you know and trust. At minimum make it a local lender with clarification. 

Jun 28, 2017 08:51 PM
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

They definitely need a second opinion..this one is not acceptable!

Jun 28, 2017 07:21 PM
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

I would suggest a requirement to attend summer school.

Jun 28, 2017 04:54 PM
Pete Xavier
Investments to Luxury - Pacific Palisades, CA
Outstanding Agent Referrals-Nationwide

Light it on fire, send back the ashes.

Jun 28, 2017 04:40 PM
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

I would ask for another approval letter - and verify with the lender that the buyer is qualified before presenting to the seller.

Jun 28, 2017 03:27 PM
Jeff Pearl
RE/MAX Distinctive / LIC in VA - Lovettsville, VA
Full Service Full Time Realtor

No Go - hit refresh

Jun 28, 2017 03:26 PM
Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

 Not acceptable.   Accept one of the other offers.

Jun 28, 2017 03:19 PM
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

There is nothing about that that says this is a strong buyer. I would advise my seller to require a local lender, give 3 choices, before the offer will be considered.

Jun 28, 2017 03:14 PM
Chris Ann Cleland
Long and Foster Real Estate - Gainesville, VA
Associate Broker, Bristow, VA

Wow!  They've been home shopping for a while.  That's what I see.  Desperate buyers.

Call the lender and talk to them.  Ask about the programs listed.  I haven't a clue what they are, but get an idea, then ask for an updated pre-approval PROCESS (not just the letter.)  Make sure they are still approved.

The only thing that scares me here is the fact it is expired.  I just don't know what those other programs are.  In our market, many times they aren't even declared on the letter.  

And the credit score thing is not anything I'd get in a twist over.  

Rarely see a pre-approval letter that has already been to underwriting.  

Jun 28, 2017 03:00 PM
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate Services

I did a lot of short sales with 3, 4 and 5 loans on them.  That's all I have to say about that. 

Jun 28, 2017 02:56 PM
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy


We would suggest they contact another lender.  A

Jun 28, 2017 02:45 PM
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

I wish that FHA borrowers had this comprehensive analysis.  Waiting for his liens to clear at title... What a pain.

Jun 28, 2017 02:45 PM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

It certainly would not help the chances of the offer being accepted. I'll be interested in the outcome given the others offers. This would not acceptable

Jun 28, 2017 02:17 PM
John Pusa
Glendale, CA

 Caroline Gerardo It does not appear to be an official letter. Good luck!

Jun 28, 2017 02:07 PM
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

I would double check all figures....

Jun 28, 2017 12:54 PM
Richard Weeks
Dallas, TX
REALTOR®, Broker

Hope we were in a multiple offer situation.

Jun 28, 2017 12:54 PM
Ron Tissier
Chapman Hall Premier Realtors (404) 580-9069 - Atlanta, GA
Defining Homes. Defining Lifestyles.

Looks like a scam.  I received a similar letter a couple of months ago (wish I had kept the letter now) that made no sense and was void of standard loan pre-qual information about the buyer.  I contacted the loan officer on the letterhead in TX and he confirmed that the letter was bogus and not anything he issued.

Digging deeper, I found out that there is an active Nigerian scam where this ring of thugs is creating these bogus loan letters from legit ones they find online.  Learned later that I should have reported and sent the bogus letter to my states Secretary of State.

Don't get "taken" fellow Realtors.  Stay diligent.



Jul 28, 2017 07:00 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

OH MY, this is quite a mess, and would definitely request a new lender! 

Jul 01, 2017 05:52 AM
Ryan Huggins - Thousand Oaks, CA - Thousand Oaks, CA
Residential Real Estate and Investment Properties

I'd advise the seller to run for the hills.

Jun 30, 2017 05:10 PM
Mike Kelly,CRS,CIPS
The MJKelly Team - Santa Rosa, CA
"One of Sonoma County's Natural Resources"

Other than its totally un-readable--not bad!

Jun 29, 2017 09:03 PM
Anna "Banana" Kruchten
HomeSmart Real Estate - Phoenix, AZ

LOL seriously?  Bye bye!  Time for a new lender!!

Jun 29, 2017 04:55 PM
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • GRI • HAFA • PSC Calabasas CA

I like a part: 4 loans to get approved. 

Yes, my seller and I would jump on it right away, why not! 


Jun 29, 2017 04:26 PM
Joe D'Agostino
NMLS# 729950 - Manahawkin, NJ
Mortgage Officer 46 years!

In my 47 years as a Mortgage Banker...I have never seen this. "Run Away". FYI...I never do any mortgages that require Grant Money. Years ago I did, and the closings took forever. With FHA,VA,USDA,Conventional Loans,why need a grant.


Jun 29, 2017 10:45 AM
Jason E. Gordon
CMG Mortgage, San Diego, CA - San Diego, CA

I'm less concerned with the multiple loans referenced (as some Down Payment Assistance programs involve multiple liens) than I am with the math not adding up. Although my pre-approval letters contain all 3 credit scores, I'm also not willing to pile on this Loan Officer for simply showing the qualifying (middle score) used (because the other 2 scores are irrelevant).

Some of the disclaimers near the bottom are necessary (albeit irritating), but the fact is that interest rates can change during the weeks/months the Buyer shops for a home. In other words, there is always a possibility of a rate spike between the date the Pre-Approval Letter was prepared and the date the offer is accepted (if the Pre-Approved amount was maxed out for debt-to-income ratio purposes before the rate spike, the Pre-Approval has potential to be nullified).

In summary, this Pre-Approval Letter is better than most of the ones I see coming from the "Big Banks" and Credit Unions, but it does need to get cleaned up. You are well within your scope as a Listing Agent to question the authenticity and/or request an updated letter with correct math. You might also want to have this Loan Officer elaborate expected turn times for each of these funding sources to deliver to make sure this Buyer/Borrower will be able to perform on time. Just my $0.02...hope it helps!

Thank you Thomas J. Nelson, Realtor,CRS,ePro for the "rockstar" reference...much appreciated!

Jun 29, 2017 09:51 AM
Harry F. D'Elia III
WEDO Real Estate and Beyond, LLC - Phoenix, AZ
Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

pick another lender

Jun 29, 2017 08:49 AM
Jennifer Mackay
Counts Real Estate Group, Inc. - Panama City, FL
Your Bay County Florida Realtor 850.774.6582

LOL - you have to love the quality of work one gets these days

Jun 29, 2017 07:52 AM
Wayne Zuhl
Remax First Realty II - Cranford, NJ
The Last Name You'll Ever Need in Real Estate

I have several lenders I would recommend.

Jun 29, 2017 06:55 AM
Richard Bazinet /MBA, CRS, ABR
West USA Realty - Scottsdale, AZ
Phoenix Scottsdale. Sellers, Buyers & Relocations

What is this?  Another quality lender from a quality buyer represented by a quality buyer-agent. This ought to be an easy seamless transaction.

Jun 29, 2017 06:50 AM
Nathan Gesner
American West Realty and Management - Cody, WY
Broker / Property Manager

You can't just accept a letter without actually reading what it says.

Jun 29, 2017 06:32 AM
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Caroline Gerardo I would ask the buyer's agent to provide another one that makes sense if they want the seller to review their offer.

Jun 29, 2017 06:22 AM
Bob Betel
Allstar Home Mortgage, Inc. - Sweetwater, TN
President, Allstar Home Mortgage, Inc

While there are many things wrong with this, the main thing is that this pre-whatever is expired.  Call the lender and get a new one with all the corrections needed. That is, if you need to. With 4 other offers, and at full price, don't waste your time on this one

Jun 29, 2017 06:06 AM
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

No thanks!

Jun 29, 2017 05:57 AM
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Looks a bit suspicious.

Jun 29, 2017 05:39 AM
Susan Haughton
Long and Foster REALTORS (703) 470-4545 - Alexandria, VA
Susan & Mindy Team...Honesty. Integrity. Results.

Love that "subordinate financing approval" is on a first come, first served basis.  ;-) 

Since there are other offers with apparently better financing, I'd move on.

Jun 29, 2017 05:30 AM
Sandy Padula & Norm Padula, JD, GRI
HomeSmart Realty West & Florida Realty Investments - , CA
Presence, Persistence & Perseverance

Let the offer expire; doesn't look good. Try the smell test.

Jun 29, 2017 05:14 AM
Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

Looks somewhat suspect to me, I'd offer it up to the shredder and see what it says.

Jun 29, 2017 04:31 AM
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

John has given good advice.

Jun 29, 2017 03:58 AM
Bob Force (REALTOR®)
Weichert Realtors - Aspen Hill - Mount Airy, MD
The FORCE in Maryland Real Estate

I would suggest to the seller that we request letter from another lender.  I may cost the seller the deal, but not sure of this one either.

Jun 28, 2017 05:04 PM
William Feela
Realtor, Whispering Pines Realty 651-674-5999 No.

I would look at a different offer

Jun 28, 2017 03:12 PM