04/28/2026
Did you know that a pre-approval letter is required in order to submit an offer on a home?
Pre-approval letters are what buyers will get from mortgage lenders once they apply for their mortgage. It's one of the first steps a buyer would do if they're not using cash to purchase a property.
Sellers would like to sell their home ASAP and for top dollar. While they're in the process of selling their home, they don't want any buyers wasting their time. If a buyer submits an offer on their property without a letter, the seller would most likely deny the offer without even looking at it.
Since most buyers would see a lender before they start their search for their dream home, they'll have the letter available when submitting an offer.
Imagine being a seller and you accept an offer without a letter. Later down the line, you find out that they're not pre-approved and can't afford the home. I'm pretty sure you'll be upset. That's definitely something that could've been avoided at the beginning. Remember, once a seller accepts an offer, their home is technically off the market at that moment since they can't just go accept someone else's offer unless it's a back up offer. While their home is off the market, they could be losing out on better offers.
