Are the letters real estate buyers provide with the offer to buy your house equally good? Some lenders do a more thorough review than others, and the letters they provide should reflect what steps they've taken before providing the letter. In some cases, the buyers have already gotten all the approval they need from the lender, and it is only the property that must appraise for the deal to move forward. 


A preapproval (as opposed to a prequalification) letter from the buyer is a win-win. The buyer is actually stronger when making their offer and thus more competitive. The seller can feel more assured the buyer will get through underwriting smoothly and quickly.