No, it is not absolutely necessary, but I don't recommend it either. The only time an offer should be submitted without a pre-approval letter is when you are making an ALL CASH offer.
A pre-approval letter shows the seller that you are a serious buyer and that you have the wherewithal to actually buy their property. Without the letter, they can't really consider your offer.
Additionally, there may be other offers that the seller is reviewing. Chances are that the other offers include pre-approval letters, and therefore, the sellers will likely move forward with them first. In my opinion, every good
Realtor will require that you have your finances figured out prior to helping you search for a property, let alone make
an offer on your behalf.
So, how do you get a pre-approval letter? As a Realtor, I come across this question quite a bit. I have been fortunate to have worked with many mortgage brokers. Some better than others. What I look for in a mortgage broker is first and foremost, a passion for customer service. Real Estate is a service based business and the subsidiary businesses associated with Real Estate are no exception. If you can't reach your mortgage person easily BEFORE opening escrow, then how easy will it be to get a hold of them AFTER opening escrow? Accessibility to your mortgage broker can make or break a deal.
If you have questions about anything Real Estate related, feel free to email or call me.
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