Recently I posted a VENT (read it here) about listing agents DEMANDING a buyer pre-qual with a specific LENDER. I even called CALIFORNIA ASSOCATION OF REALTORS ( C.A.R) and the attorney did say it is LEGAL, IF the Realtor has a SIGNED AGREEMENT with the repo bank, though he (the attorney) could see problems arising from it and did bring up the word RESPA. "Hummm. Good point, I told him."
So, yesterday, I get a call from a client wanting to see a particular property. I pull up the listing off the MLS to get the "Showing Instructions." Right after those remarks, I read (and my blood pressure shot up), the following: Buyer must be prequalified with sellers lender.
GUESS who is the seller's LENDER? This REALTOR!!!! (Yes, he is a Realtor/Lender...plus he loves the the word EXPERT, as it's all over his advertising).
I have to tell you, I am getting more and more upset uptight, disgusted, pissed off about this NEW practice. And if something isn't done soon, we're (Realtors) going to lose the rest of what little respect we do have, from consumers.
This NEW PRACTICE smells like a bowl of peeled, rotten eggs and makes me sick to my stomach. And IF my clients ask me how I feel about it when this issue pops up, be sure I will tell them exactly what I AM THINKING.
...AND I plan to keep spouting off about it as often as possible!!!
**** JUST ADDED: I think what Vicki (#21) asked about Cross-Qualifying may be a happy medium to this situtation, as it is NOT DEMANDING that the BUYER QUALIFY with XYZ, it just asks that THEY CROSS-QUALIFY. I'll think about this a while...
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