Dear Monty: We have a showing scheduled next week for a home. The seller’s agent is asking for a copy of our preapproval letter. Our approval is for quite a bit more than we are willing to offer, and we are concerned that when they learn we can pay more, they will not be as open to a lower offer. The preapproval request was the first time this had happened. It doesn’t appear to be a good idea for a buyer to share this information. We would appreciate your take.
Monty’s Answer: Media reports about multiple offers over asking prices and buyers waiving home inspections are just some of the tactics that have home sellers and real estate agents adopting new policies. Another tactic some overzealous buyers use is puffing up their income to get an acceptance—then the financing is denied. In the meantime, the seller’s home has been off the market, and lost market time cannot be recovered….