Pre-approval Letter question

Banking is asking me for a pre-approval letter as part of the short sell packet. Do I actually have to go through the process of getting approved for a loan, even though my buy is the one who is actually funding the deal. What the easiest way for me to aquire a pre-approval letter. I really appreciate any help that can be provided.

Yes, I would like the answer too. Someone told me to just go to a mortgage broker, but I understand you can’t buy a SS deal with mortgage money, must be cash. So it is confusing to me too.

What you want to do is look for a hard money lender in your area. They can give you a pre-approval letter with much less requirements than going through a bank.

Thank you rejauctions. That helped me a lot.

I can’t see why it is so difficult to get a pre-approval letter from a conventional lender. One applies, fills out the loan form and waits for the lender to reply.

Somebody has to prove that they can complete the transaction. The lender wants to know that the buyer (you) has the funds to close.

Lenders accepting short sales don’t care where the money comes from. Whether or not it is cash from you or from another lender makes no difference as the lender involved in the short sale will get paid in any case.