Absolutley Mike. Sellers will want to see that the buyers can actully close the deal and have the cash to close. Totally different times and we've all shifted to what works and an approval is what gives the buyers an edge up these days.

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Good advise.

Hello Mike,

I don't even accept a pre-qual letter, if an offer is presented it must include a pre-approval.  I even provide the minimum parameters it must meet in the listing information so that buyers agents are aware...just in case.

Hi Mike - You're completely right. I can't really remember the last time I even saw a pre-qual, but I know it was a lot longer ago that it was even considered useful at all. Total waste of trees.

Mike:  When Buyers are truly serious and ready to pursue and view homes, they definitely need to secure a Pre-Approval.  Pre-Qualifications serve a purpose .. but it's much earlier in the process as someone is discovering their personal commitment to buying.  Each serves a purpose ... but when it's crunch time .. go for the Pre-Approval!  Nothing less will serve the purpose ...

Gene

AGREED. We quit giving out Pre-Qualification Letters a while back. THey are basically a letter that states, I probably have checked credit (if lucky) and thats all. For us we go beyond a full tri merged credit report and also obtain income and asset info so our approvals always close

I always ask for a pre-approval letter and I hardly mention the pre-qualified letter.  Good data thanks

Mike, so true.  An offer with only a pre-qualification letter is really very weak in the seller's market in our area.

You are so smart looking for the pre-approval letter Mike.

It varies from state to state but good advice here for the newbies.  

Buyers need to be fully prepared in this market with their approval ready!