Sounds like you are a guy who would use LMT orders to get in a trade. I would be the guy who would use MKT orders to get in and get out. Who is more likely to miss a trade?
Little boy, I think you need to stop missing your short yellow bus ride and let the adults talk. You obviously fail to grasp the key difference between a cash buyer and a buyer who needs bank financing ( no matter how amazing his/her credit may be).
I do not believe it is possible to present an offer to purchase with an approved mortgage. You cannot even start the mortgage approval process until you have a signed purchase agreement to give to the lender, thus its catch-22. Unless you have found a bank that is willing to write a mortgage without knowing anything about the underlying property that they will be lending against I don't see how it is possible to have anything other than pre-approval.
Maybe sprinter is talking about getting an ordinary loan using other assets as collateral and not an actual mortgage (loan), which, AFAIK, has to be secured with an interest on the property being purchased. Of course he said an approved mortgage, not an approved loan so....
The lender is writing the mortgage on the property, not on the buyer. Thus a mortgage can't be approved without a property to appraise, and a buyer to evaluate. Many things in that equation can change between final "Approval" and closing to kill the deal. Conditions of the buyer can change, conditions of the property value can change, conditions in the financial markets can change, conditions at the lender itself can change, and even the sellers conditions can change prior to the moment of closing that may cause them to walk away. I have seen many deals die right at the closing table. Documents are delayed and buyers/sellers get into a pissing match, interest rates weren't locked in and changed overnight, the house was not measured correctlty and overlooked in the appraisal, the wife just filed for divorce because she wouldn't commit to a long term mortgage, a final-walkthru uncovers flooding in a basement, a lender learns that the buyer was just laid off or he BLEW OUT HIS TRADING ACCOUNT AND DOWN PAYMENT, zoning around the area was just changed and altered an appraisal, the seller just lost a transfer and needs to stay in his home, etc. etc. etc. Happens every day. Nothing is certain until the funds are deposited in the sellers account, and the keys are in the buyers hands.
We are outside your delusion, that is correct. Get a clue on how the mortgage process works. The property is the collateral, and you do not have any rights to the property till you & the seller enter into an agreement, at which the real approval process starts. Maybe your feeble & handicapped mind is thinking about Hard Money loans, which are, at the very least, 20% interest rates, but really more like 30-50%. And the length of these loans are closer to 5 years.
Even this is not always the bomb. Had a friend selling her house, and they had a bank letter. AFter the offer was made, the deal fell through cuz THEY LIED TO THE BANK IN ORDER TO GET THE LETTER OF PRE-APPROVAL.
I'm convinced that his parents went on vacation and forgot to properly secure his leash, hence his recent access to the family computer & internet.