Last year I was waist deep in dealing with buyers involved in REO properties (bank owned). Oddly, I have been waist deep in the same process lately.
As mentioned in the older post, some buyers have to go through 6, 8 or 10 (or more) offers in order to land some of these properties. And when the listing agent, or the seller, requires a pre-qualification from THEIR specific lender in order to offer on the property, that can add up to a lot of credit pulls for the potential buyer... possibly even enough to damage their credit.
The situation seems a little better... but only a little. We are still running into a lot of bank owned properties that are requiring buyers submit to specific pre-quals from lenders that are either specified to by the seller, or friends/partners of the listing agent.
We have had a little better luck resisting this year, though. Perhaps the banks are getting the message that this isn't their best idea...
Related articles
- Flashback Friday... Mortgage Thoughts... (lanebailey.com)
- Wayback Wednesday... Set the Hook... (lanebailey.com)
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