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Bank Owned Properties/REOs: Multiple Pre-Approvals... ~ Buyers you may have to get pre-approved by more than one lender - after all!

I've been so busy working on the listing side, I have not been noticing the variety of Agent Confidential remarks that are popping up on the listings these days.

This one is one that is becoming more popular and annoying:

Buyer must be pre-approved with the "seller's sponsored mortgage company" - not required to use this lender, can use your own. This requirement can delay a buyer from putting in an offer in time to be considered, the way properties are moving into Pending these days! While the buyer is trying to get in touch with the bank's sponsored Mortgage consultant, the property is now in Pending!!!

It works better or faster when the seller require that the buyer is pre-approved by a direct lender -- doesn't it??? And I wonder when this will catch on with short sales too - or will it?

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Rosemary Brooks

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Posted by Rosemary Brooks -Mother & Daughter (866)-750-8282 on 11/06/2009 01:08 PM

Comments (8)

Multiple Pre-Approvals in the ActiveRain Channel

bank owned properties, reo, short sales, banks, mortgage, rosemary brooks

Originally posted at: Mother & Daughter Blog: Bank Owned Properties/REOs: Multiple Pre-Approvals... ~ Buyers you may have to get pre-approved by more than one lender - after all!

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8 Comments on Bank Owned Properties/REOs: Multiple Pre-Approvals... ~ Buyers you may have to get pre-approved by more than one lender - after all!

NOV

Hi - We have seen this lately as well. It's very frustrating. It seems to us that one prospective buyer gets pre-qualified and then all of the sudden the loan officer for the 'bank sponsored lender' doesn't answer calls and doesn't make himself available to pre-approve any other buyers. And of course, not only will the offer not be considered without that magical letter, any seller credits will not be granted if said lender is not USED for the transaction. That's GOT to be illegal...

Great advice Rosemary. I've ran into the above situation and it stinks. Thanks for the informative article and arming me with more tools for my arsinal.

San Antonio Real Estate

I hope not. What about the buyers social security number? That could be turned over to the seller as well. Too many variables.

I feel your pain, I am thankful that my REO Clients don't require this...

John

Christianne: there are just too many delays and little added requirements to eliminate buyers.

Liz - I hope they all decide to discontinue this extra step all together.

John, you're lucky. This leads to the mortgage consultants start to call you and ask all kinds of questions about how you're doing with the property. But when you give their information to a buyer, they hesitate to call them back - immediately.

Robert, I never thought about that.

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