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Let me begin this post by saying up front that I am not a foreclosure Realtor specialist. While I do list and sell some foreclosed properties, they aren't my focus and/or speciality. Thankfully, in Oklahoma we don't have that many foreclosed properties and most of the foreclosure market was snatched up long before I ever would have had a shot at it. I'm sure there's lots about foreclosures that I am woefully ignorant of and simply do not know. Maybe that is a good thing.
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13 Comments on I Don't Like it One Bit, but I Don't Guess I Can Do a Thing About It
I agree. Wells Fargo and Chase are doing the same thing.
Michael - makes you feel like we live in the old Russian society where nothing made sense, doesn't it? (At least that's what I've been told)
Andy - It's nutso!
Of course they're clearing buyers. Who can blame them considering the worthless "approvals" that agents present.
Further, we look on these requirements as an opportunity. If they want to "clear" our buyer and make them a financing offer they can't refuse, why fight it??
OUr job is to get the best house, best financing for our buyers. If BofA wants to beat the market, find with me.
This is nothing new. I've known listing agent who reqired a credit review by a trusted lender for 20 years.
Lenn, thank you for stopping by and commenting. I guess not being used to the foreclosure market, I get a bit possessive and afraid they're trying to pull my buyer away from their selected loan company. We see this with new construction...
Unfortunately with a foreclosure, the bank that owns it seems to be able to make the rules. i have seen that with several banks as Andy mentioned.
Bob,
I agree, I found this totally obnoxious the first time I saw it. We have had some that require you to use their mortgage company... or want you to. It seems totally offensive.
On the flip side, if buyers are not really qualified, the sellers want to know sooner than later, so I do realize why they are doing this. There is no reason a home should actually go under contract if the buyers really can't buy it.
It's a crazy wild ride we are on.
All the best, Michelle
Hi Bob! We get this all the time here and have for years. Sometimes we even encourage our buyers to get their pre-approval from the bank holding the short sale or foreclosure, even if the bank doesn't require it. The reason we do that is so that if we're in a bidding war, the bank will have the confidence that one of 'their own' actually is the one who provided the pre-approval and look more favorably at our buyers. It works too!
Good evening Bob,
Debe is right..encouraging the buyer to take the step up front of getting pre-approved with the bank holding the short sale or foreclosure is actually acting in the best interest of your buyer..you could end up a notch ahead of someone else making an offer. If they can give your buyer the best deal than you have accomplished your goal..getting the home of their choice and obtaining the best price and financing for your buyer!
Get used to it. It happens all the time around here. The is one advantage, when things get screwed up you can point the finger at them, their Agent, their escrow company, their bank.
Bob, I personally don't see anything wrong with it. Not all pre-approvals are equal and if the seller wants to make sure that the buyer is viable and finds more comfort in having them pre-approved by their lender of choice, then that's fine by me.
This is a bit uncomfortable isn't it? It's hard enough for some people to give their information to their lender, then to have to give up to someone else!
However, since I've been faced with BS pre-approvals from places I've never even heard of, I can sure understand this. I look for local lender pre-approvals to bring offers and when I receive them.
Hi Bob,
We don't see that very often in our area but I have found the comments very interesting and insightful. Thanks for covering the topic.
~Lisa
Bob ~ like the government, you have to jump through the hoops if you want to get the deal done. We are playing on their ball field. As Andy stated, Wells Fargo and Chase do this as well. I know they have been requiring it for quite a while.