Used to think pre-approval was just a formality until the seller took a higher cash offer instead

3 comments

3 Comments

Cash talks louder than a pre-approval letter apparently. Really shows how much that piece of paper matters when someone waves a stack of bills.

kevin_williams3d ago

My last house had three other offers over asking but the guy who showed up with a certified check for the full amount got it same day... sagejackson, that pre-approval is just a permission slip but cash is the actual ticket. Told my realtor if we ever sell again I'm only talking to buyers who can do at least a 10% hard money deposit. Your pre-approval letter means nothing if the seller sees someone else closing in two weeks instead of thirty days.

alext523d ago

Wait, did your realtor really tell you that about the 10% deposit, @kevin_williams? Cause I had a buddy, Mike, who spent three months fighting for a house with a pre-approval from a big bank, only to lose out to some guy who showed up with a literal briefcase of cash - like, $280k in twenties, the seller said he counted it on the dining table. Mike was so pissed he actually drove by the place last week and saw the cash buyer had already painted the whole thing lime green. That pre-approval just gets you in the door, but a pile of bills gets you the keys.