Okay, I know the lending industry is working hard to not dig itself into still deeper problems than it already finds itself in. But hold on a minute... insisting that buyers be pre qualified through the seller's lender before making an offer????
At first glance, maybe it makes sense. The lender does not want to go out on a limb in these troubled times while trying to sell their REOs.
But at second glance, where is the confidentiality for the buyer when the seller gets to find out their financial even before they are allowed to make an offer? Isn't that going a little far?
Once there is a breach in the confidentialy, it would seem that buyer's negotiation process would be compromised.
Are there any RESPA rules or regulations pertaining to this issue?
We'll probably see this spread like wildfire for the foreseeable future?