PSA: My mortgage pre-approval was useless until I asked the lender to run my actual credit file instead of a soft pull

I used to just grab a generic pre-approval letter online for 6 months until a real estate agent in Phoenix told me sellers were tossing my offers because the letter showed 'conditional' approval, so now I pay $50 for a hard pull upfront and attach the real report to every bid, has anyone else noticed sellers asking for proof of funds or a stronger pre-approval letter lately?

3 comments

3 Comments

ivan_perez4d ago

A buddy of mine got burned on a house in Mesa because his pre-approval was labeled "conditional." Seller went with a cash offer instead. He learned the hard way too, paid for a hard pull and never had that problem again.

johnson.ryan2d ago

Man that sucks... so was it just the word "conditional" that killed his offer or did the seller's agent actually explain why they went with cash? Seems like a crappy way to lose out on a house.

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west.alice4d ago

Wait did your friend actually lose the house because of that? My buddy in Chandler had the exact same thing happen. He was so sure his pre-approval was solid, but the seller's agent kept pushing for higher offers. Turns out his letter said "conditional" in tiny print too. He finally paid for a hard pull and got the next house he bid on. Now he tells everyone to just do the hard pull upfront and skip the headache.