I keep getting different answers and I want to know the correct one. This what I was recently told when presenting offers to banks.
pre-approval letter
fico scores
proof of funds
1% of the purchase price (Good Faith Deposit)
Now I’m curious to know if you are paying all cash for a property do you need a pre-approval letter or fico scores.
All I would need is proof of funds and good faith deposit
Can someone shed some light on this subject please
First, every lender is different in regards to their requirements and what is most attactive to them. In general, these are things that make you offer more attractive:
Cash offer with POF
Clean Offer w/o contingencies - The bank will counter you anyways with an offer that will allow you to have an inspection period that will allow you to look for a cash end-buyer/prepare for your closing.
More Earnest $$ the better - makes sense right. But if you are not experienced and make a mistake, you may not have the ability with no other contingencies to back out = LOSING ALL THE EARNEST $.
Quick closing
Using the Listing Agent so they can get the buyer’s agent’s commission
Some Lender will require you to get a preapproval through one of their L.O.s