How this works
Pre-qualification or pre-approval? A pre-qualification is an estimate based on what the buyer tells the lender. A pre-approval means the lender has pulled credit and reviewed income and asset documents. For an offer, ask for a pre-approval, and confirm it with the lender directly.
What you can and can’t ask. You can ask for evidence the buyer can close: a current pre-approval, the lender’s contact information, and proof of funds for the down payment and closing costs. You’re not entitled to the buyer’s credit report or tax returns, and the lender will share only what the borrower authorizes. Ask every buyer for the same documents, and never ask about or weigh anything related to a protected class: fair housing rules apply to how buyers are screened.
In an offer round, the agent records each buyer’s verified maximum before the round opens.
Questions
How do you verify proof of funds?
Ask for a recent bank or brokerage statement in the buyer’s name showing enough to cover the down payment and closing costs (or the full price, for cash). Check that the name, date and balance are visible and the funds are in a readily available account.
How old can a pre-approval letter be?
Treat anything older than 60 days as stale and ask for an updated letter. The lender can usually refresh it quickly if nothing has changed.
Can a listing agent call the buyer’s lender?
Yes, with the buyer’s permission, which the buyer’s agent can confirm. Lenders will verify the letter and its general terms but won’t share details the borrower hasn’t authorized.