Unethical agents

Not seen that trick.  But will watch for it.  Thanks.

Can you get a cross-qualification letter from your own trusted lender prior to accepting the offer?

I've had it happen where someone claimed to be a cash buyer to knock out the financing, then switched to financing after they are the chosen buyer.  Really annoying.

I haven't heard of that happening here.  Our Contracts have a strong loan clause that would be a determent to sellers agents doing such.

Sue of Robin and Sue

Call the feds and make sure that you get some gang banger to do some sort of drive by.  It's ridiculous that these people are in the business.  They need to be out.

Hi there,

I'm wondering if these buyers actually provided written loan approval on a specific program from a convention lender.

We've had issues with buyers (via their agents) saying they're paying all cash, and actually providing verification of funds to do so. Then try to switch it to a loan, I've had it happen myself. Last time we held their feet to the fire and they did pay cash.

I have not had that problem so far, but I'm glad you brought it to our attention.

Kathy

On the front of our Maryland contracts we must define the type of loan that the buyer is using , as well as providing a pre-approval letter that matches the loan in play.

 I can tell you if I played a bait and switch game on the REO listing agents in my area I wouldn't get the next contract thru any of them. My integrity within the Real Estate community is not worth one transaction.

I have not seen this yet, I hope we do not see this.  this is not professional way to do business, does your contract not have have a financing clause that states that you have to have verification in 10 days?

Here in California the REO listing agents are the flakes!  In many cases they rent the properties out to friends or relatives without the lenders knowledge of course.  They also take the lock boxes off the units so no other agents can gain access.  We've had cases where they allow their relatives or friends to switch appliances in some of the vacant properties.  They also try and get the buyers or buyers agent to activate the utilities and pay the outstanding bills for preparation of inspection.  The list goes on and on. 

No, that's a rotten trick.  Don't you have LSR's with your contract.  If so, any change in the LSR may give a seller an opening to cancel the contract.

Wow, I cannot imagine providing a deceptive pre-approval letter...

Will (above), where on earth (in Cali) do you live.......?  There has got to be a lawsuit looming for any REO agent doing this.  Are they Krazy?

Kathy, the only time this has happened to me is when they initially offered cash and went for financing.  I personally don't have a problem with that, as long as it doesn't affect the bottom line to the seller.  If for some reason they can't get financing, they are still obligated to purchase it anyway since the contract wasn't predicated on that.  On this particular scenario, they were able to get the financing and we closed in the time table set forth.

ohhhh boy, do we see it.  The new CAR contract spells out that the seller is not responsible for the change...  But you are true, when you say the other offers are long gone...