How Cash Sent the Portland Home Market Spinning

Re:How Cash Sent the Portland Home Market Spinning by tsotha on Thursday May 14, 2015 @02:51AM (#9543763)

>And all buyers always have a "pre approved loan" (which is binding from the bank, they can't reneg it).

Yes they can. I've never seen one of those "pre-approved" loans that was actually contractual. All they really mean is, based on the numbers you've provided, the bank thinks you can afford a house that costs X. That's to keep people who don't have enough income from wasting everyone's time. But it doesn't put them on the hook for actually providing the loan.

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Re:How Cash Sent the Portland Home Market Spinning by imroot on Thursday May 14, 2015 @03:21AM (#9543840)

To combat that, some banks are offering "Guaranteed pre-approval," but that's the bank underwriting the loan during your pre-approval paperwork, so that you can close in 72 hours as long as the titles clear.

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