I was recently referred to a client that had terminated their relationship with their initial Realtor. The buyers had been pre-qualified for a purchase by the initial Realtors in-house lender for 225K. I asked them to speak with my primary lender and it turns out, after reviewing the buyer's taxes and actually looking at pay stubs that the buyer's would qualify for 50K less resulting in them not being able to acquire a property they had found. Thankfully, I didn't submit the offer based upon the initial lender letter and tie up the seller's home and cost the buyer's hundreds of dollars in inspection and appraisal fees.
Lesson learned here...be cautious of new clients who come to you with a pre-qual letter in hand without either verifying that the lender has actually reviewed the tax returns and seen pay stubs or spoken with one of my lenders that I trust. I am amazed that given today's lending guidelines that some loan officers continue to be this careless.