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How Aggressive and Questionable Tactics of Lender Sellers Torture Buyers & Cost Our Industry
 
This is incredibly timely and poinant article by an incredibly astute mortgage broker and fellow ActiveRain blogger in San Francisco, Janet Guilbault.  I'm honored to be able to re-blog her post here.  Enjoy!

 
When a bank sells a foreclosed property do they try to replace one bad loan with one good loan?
If the main agenda is to dump the house, is the hidden agenda to seize a golden opportunity to gain a new loan customer (far less risky because the "dumped" price was lower and the qualification standards higher)?
And should we believe our honorable lender sellers when they torture a buyer by forcing him through a second approval process (right at the time he is ALREADY feeling stressed about making an offer)?
They justify it this way: "Preapprovals from other lenders are worthless, we have to check this guy out ourselves before the house goes off the market!"
And if some little minor detail gets in the way, you know....like the buyer feeling bonded to their mortgage broker who spent months getting them ready BEFORE they made the offer, what then?
Bank thinking: Wait. I am the bank. I own the house. Why not just whisper ... more

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