In southeastern Wisconsin it is very often required that a Buyer accompany any offer with a letter of pre-approval. In the case of our listings.....we go one step further and in our MLS descriptions we say: "A letter of pre approval from a locally recognized lender." Lenders out of the area, with unknown reputations are not the people we want to have our Sellers trust to get the job done...at all or on time.
We saw a pre approval recently that was "written" on one date and expired 30 days earlier....Ooops....a divorce the transaction....and we cautioned that the loan officer should be called...the date was wrong and things had changed in the last 30 days. ...the document clearly said that nothing could change from the time of application. Thirty days is a very long time...long enough...to buy a car, to purchase furniture...incur lots of debt of lots of kinds that would sway the Debt to Income from black to red !
Read EVERY word....check every date.....make the call to the loan officer that clarifies what you don't understand ...what you feel might be missing.