I just wanted to share something and see if others are seeing this in other areas. I wrote an offer recently that was a cash offer, and told the broker the proof of funds was on the way. The listing broker told me that the property was bank owned, and that the bank requires a pre approval letter from a specific mortgage company before they will consider the offer. Now I have seen this where say , a listing owned by bank of america, and they want you to get pre approved with bank of america, that still i dont think is right, but its understandable. Maybe they dont want to accept any offers until they know the buyer is a buyer? But come on ! Who in their right mind is going to call some MOM and POP mortgage company when they are not using any financing? It wasnt a large national mortgage company, it was some smaller place I had never heard of, and to make it even more interesting, only one certain mortgage guy at the company! I pressed the listing broker to explain why that is a rule and that is doesnt have any COMMON SENSE. All they said was thats the rules and they will not review any offers without the pre approval from ABC mortgage. What is going on in this world? No wonder things are crazy. The people running things are crazy! I hope to see some comments on here with anyone else experiencing things such as this.
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- Topic: ActiveRain Community