RE: Legal? Ethical?

Realtor Sharon Marsh-Wyly wants to add this:

“I agree with all of Jeff’s comments and would add the following.  The seller is requesting a pre-qual, which is much less extensive than a pre-approval. In fact it’s unreliable and virtually worthless in circumstances other than a pending foreclosure. There is no credit-pull, employment verification or even verification of deposits and funds on hand.

The seller will only know that the bank is or isn’t convinced to postpone any further action on the seller’s mortgage, pending the buyer’s final approval for a mortgage.

The more common and preferable practice of experienced and savvy Realtors like Jeff is to have their client pre-approved with the lender of preference, then include with their offer to purchase their own lender’s letter of pre-approval, usually noting the only remaining requirements, such as appraisal of the home for value. “