Browse Forums Real Estate 1 Mar 21, 2013 7:20 am Hi All, This may sound like a stupid question but just wanted to know if we are planning on buying a resale property do we need to have a pre-approval (official document or letter) before we can put in an offer.We have had one meeting with a mortgage broker and based on our finances we know how much we will be able to borrow.At the moment we do not have any official pre-approval from any bank and we are looking at houses so worried if we like something and decide to put in an offer the agent may not consider our offer as we do not have pre-approval. Any thoughts what is the standard process Re: Pre Approval requirement 2Mar 21, 2013 3:37 pm That is the first question the agent will ask you. If you say no anmd someone else has an offer and says yes- you'll be out of the running. Why wouldn't you get pre approval if you are serrious about buying? (that's what the agent will think too). Just get your broker to get it. It doesn't really mean anything but keeps everyone happy. Re: Pre Approval requirement 3Mar 22, 2013 7:09 am travelbug That is the first question the agent will ask you. If you say no anmd someone else has an offer and says yes- you'll be out of the running. Why wouldn't you get pre approval if you are serrious about buying? (that's what the agent will think too). Just get your broker to get it. It doesn't really mean anything but keeps everyone happy. Thanks travelbug for the information. We have just started our search for resale house so we have yet to apply for pre-approval. Will be meeting with our mortgage broker next week to start the application. Re: Pre Approval requirement 4Apr 08, 2013 3:13 pm I would be very wary of accepting an offer if someone doesn't have pre-approval. I could waste weeks waiting for the buyer to get themselves together, only to lose the sale and waste those valuable weeks of selling. Re: Pre Approval requirement 5Apr 08, 2013 3:28 pm it should be fairly easy to get mpp. If there is something you want to make an offer on now, I'm sure you would be able to find a lender that will give you a pre-approval letter pretty quickly if you can supply all of the required documentation. You wouldn't necessarily have to borrow from them in the end though. Our build: viewtopic.php?f=31&t=64705 Thanks Draftroom that definitely helps a heap. We are still at the very early stage of planning to see what kind of house would fit on our plot. While we are on a… 3 15715 1 2965 Hi Minho I have heaps of experience in Ku-ring-gai with both DAs and CDC ( this is the main area we build in). DA's are taking 12-18months and CDC's we have been doing… 1 3148 |