Beware of Shady Pre qualification Requests

By
Real Estate Broker/Owner with Crossroads Real Estate LLC

What do you think about the REO listings who want you to have buyers preapproved through their preferred source?  Many of my buyers are suspicious, thinking the seller wants to know exactly how much they can spend.  I question this reasoning.  REOs must know cash buyers can spend more money, but will set a limit on each property they bid.

Some of lenders you have to pre-approve buyers through want to talk to the real estate agent so they can ask for a list of referrals.  Why would I want to share buyer's information with a strange lender?  Isn't this crossing the line of confidentiality?  Take this a step further.  If I give a list of buyers to a lender, what is stopping that lender from referring my buyers to the listing agent? 

All may be fair in love and war but in real estate I expect to be treated as a professional.  Asking buyers to pre-qualify through a preferred lender is the same as saying I do not know how to qualify a buyer.  This is telling me I do not know how to do my job.  In short, this is an insult. 

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