My buyers are buyers with a good credit score, but they just don't make a lot of money. So, they know the homes they are looking at are going to be on the lower price range of homes on the market and with that, there is going to be a lot of competition. But, when you find the home you want and your offer is the highest, and then still losing out, then I'm telling them to contact their lawyer.
Here is what happened:
My clients had found a home that they liked and was in their price range, but this home was a foreclosure. They put their best foot forward right from the start on this one. They were done looking, they wanted this home, and together we formulated the best offer for them to make sure they got this home... or so we thought.
The listing agent came back and said that if you want to put an offer in on this home than you need to get a pre-approval letter from ABC Bank out of Springfield, USA. OK, my clients and I are both wondering why this is needed, but we decided that if they want this home we best jump through their hoops.
Well, once on the phone getting the pre-approval, the bank pushes my buyer hard to use them. How hard? They were telling my clients that there are lots of offers on this home, you are the second person today that I've talked to about a pre-approval, but I can tell you that the amount you are offering isn't the only factor in getting this home. I suggest you use us to get this home. If you do, it will make your offer stronger than if you go with your lender. We can'teven promise we can get your pre-approval letter out today unless you are planning to use us. I just hope the other offer isn't accepted while you wait for your pre-approval, so do you want to use us or would you rather wait?
WOW! When my clients told me this, I said that this sounds very, very wrong and you have a choice. HOW BAD DO YOU WANT THIS HOME? I think you need to contact a lawyer because I know you want to stay with your lender and I agree with you on that, but I think what they are doing is breaking some laws, but I think you need to talk to a lawyer to confirm.
If you had a buyer in this situation, what would you have them do? Do you have them strong armed into a bad loan just so they can get a home? Do you have them stick with their lender who has got them this far and contact a lawyer and seeif there are some other avenues? I know I what I've done and that isthe 2nd choice, stay with their lender and contact a lawyer, because when something stinks like _____, it usual is!
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