I just found out that someone else is looking at the house tomorrow, and this person has been waiting for this particular house to come on the market, so chances are this person will submit an offer tomorrow...
So it is submit an offer today or we will lose out, pretty much!
Since this offer has to have proof of funds, we need to include either a pre-approval letter or a so called pre-qualification letter. A pre-approval letter is exactly what it sounds like: a letter stating you are already approved for a loan in so and so amount.
A pre-qualification is not as good, it is just a letter from a lender saying that "yeah, we will most likely give this person a loan in so and so amount based on the information provided", but it is not a guarantee you will get a loan, but acceptable to most sellers.
We were not expecting to make an offer on a house now, so we didn't have any of these letters at the ready, and the one we used for the other two houses we tried to buy is now outdated...
So last night we had to scramble to request a pre-qualification letter. A pre-approval would take a few days with the lender we are using, but a pre-qual can usually be done in hours.
We used www.LendingTree.com, since we just need a letter in general, from any lender, not necessary the one we are actually going to use... last time it took two hours. This time; not so!
We submitted the request last night, almost 24 hours ago, and it is still pending. I called them, and they told me it sometimes can take up to 72 hours! Yikes!
So our Realtor is going to submit the offer without the letter (unless we get it tonight) and hope the seller is OK waiting for it... They can say no, but they can also say yes. If they accept to review our offer without it, they are required to not accept any other offers until they have given us an answer (they have 72 hours to do so), and since we are offering full asking price, hopefully that will be a yes...
I am a wreck, and I had a very had time getting anything done, just staring at the page with the status of the document, hitting the refresh button every so often.
Now I need to clean the house a bit, it looks like a wrecking crew passed through the living room.
Stay tuned for more updates, this one is a nail biter!