No you don't need to show proof, but it is in your best behalf to become pre-qualified. When a Realtor or any offer is presented to a seller, the first thing they want to know is can you afford to buy their home? If you have a letter stating you are "Pre-Qualified" for a loan amount up to $200,000 then that's your limit. If your buying a home and have a 195,000 offer and you're in first place, the house could be yours provided it passes the home inspections, title report and don't forget NOT to BUY A CAR or anything else because that effects how much you qualify for. If you are selling your home for $100,000 and have two buyers, one Pre-qualified and one not, which one would you accept? A Pre-qualified letter is not a guarantee, it states just that, you are Pre-qualified provided everything stays in order, highly recommend it!
Hope that helps
Realtor for many years & answer questions on a web site for Snowbird RV Help
· 1 decade ago