“I have a letter from a mortgage broker saying Im pre-qualified. Is that sufficient to show a seller that Im qualified when I make an offer?”
***ANSWER:
Per the conversation you read in the top section of this weeks Q&A, a pre-qualification or pre-approval is only as good as the loan rep that gives it.
From personal experience, Ive found that only 50% the loan brokers Ive dealt with are honest and know what theyre doing. The other 50% are the ones that scare me. And unfortunately, the bad ones dont tell you who they are.
Because of this, the sharper, more experienced agents arent satisfied with a letter from a mortgage broker they dont know, and prefer to have a lender they do know double-check the buyers qualifications.
Thats what I do. I dont know what your seller or their agent will do
