@Brian Hong, I've heard mixed reviews on the usefulness of a pre-qual letter from a lender. You have found it useful in your search? Is that typically all you are showing to brokers when they ask for POF or are you also showing them your access to personal capital/investors as well?

The more specific (in terms of dollar and industry) a prequal letter can be, the better. A generic "up to $x" doesn't carry as much weight if it is "up to $x in y industry." This is because, as we know, a bank may like a buyer for one industry but not another, as they may have no direct or indirect experience that can be applied. And a prequal letter doesn't remove the need to show that a buyer has the down payment, or has it lined up, or a path to line it up (in order of preference).