Mortgage Question:Can you make an offer to purchase a home if your pre-approval loan is pending with a bank.?

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8 Comments
  1. Reply
    Trevor
    April 30, 2011 at 12:24 am

    Of course…they are just more likely to turn it down. In a market like this though, they might be more willing to take an offer from someone without a pre-approval. The pre-approval is just for peace of mind for the seller so they know that the people aren’t just going out there and looking at homes with no idea of if they can actually GET a loan!

  2. Reply
    Joanie
    April 30, 2011 at 12:51 am

    Yes. Keep in mind that even if you have pre-approval, there is still a chance that you might not get the loan. However, if that happens, you’ll get your earnest money back.

    You get final approval after you have had your offer accepted, then the house gets appraised and inspected. The bank won’t loan you money if the inspection turns up something bad that the seller won’t fix, or if the house doesn’t appraise for at least as much as your offer.

  3. Reply
    Question man
    April 30, 2011 at 1:10 am

    maybe…

  4. Reply
    DavidWacker
    April 30, 2011 at 1:13 am

    You can make an offer to purchase a home at any time, with or without a pre-approval. Whether or not the seller’s will accept your offer is another story. Typically you will get prequalified with a lender or a broker and provide that prequalification to the seller as proof that you, in fact, can qualify for a loan on the home. Providing this documentation only helps your chances of having your offer accepted.

    Some seller’s will require you to get pre-approved with a certain lender of their choice (most bank owned home’s will try and enforce this to ensure they only do business with qualified individuals). A pre-qualification or pre-approval typically does not take very long, so I would question the bank as to why your pre-approval is still pending.

    I hope that helps.

    -David Wacker

  5. Reply
    A D
    April 30, 2011 at 1:16 am

    Depends.

    If the house is being sold by a private seller who is not trying for a short sale, then maybe the seller will begin negotiating even if they want to see the pre-approval letter before final acceptance of an offer – and they take their house off the market.

    If it is a foreclosure or short sale, then no. You will need a letter from your lender before an offer is considered.

  6. Reply
    Beverly S
    April 30, 2011 at 1:58 am

    Pre-approval should not take more than a day or two- I would wait till you have a commitment letter from the bank- the seller is more likely to take your offer seriously. Some realtors won’t even show a home till you have it.

  7. Reply
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  8. Reply
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    April 30, 2011 at 2:41 am

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