Real estate agents prefer showing homes to buyers with a pre-approval letter, because it shows the buyer is financially capable of purchasing.
That said, a pre-approval letter isn’t mandatory to tour a home.
“All agents are allowed to show you homes, even if you do not have a pre-approval letter,” she adds.
Can you put in an offer on a house without pre approval?
Making an Offer Without Pre-Approval
You can make an offer even if you’ve never spoken to a mortgage lender. Not being pre-approved might not even hamper your offer if the seller has not received other competing offers. Your offer is only valid if you actually get approval for a mortgage loan.
Do you need mortgage approval before making an offer?
So the question is: Can you make an offer on a house before you’ve even been pre-approved for a mortgage? Yes. And that usually means that the buyers have their financing lined up already, or they’ve at least been pre-approved by a mortgage lender.
What is considered a lowball offer?
By strict definition, a lowball offer is one that is significantly below market value. In practice, an offer is considered “lowball” if it is significantly below a seller’s asking price. At what prices are similar homes offered?
Can I offer more than my pre approval?
You can definitely offer more than the pre-approval, if you feel that the seller’s asking price is justified. Just know that your mortgage lender will probably stick to the amount they pre-approved you for in the first place (or close to it).