Holding an Offer HOSTAGE for a Second Preapproval
By Celeste "SALLY" Cheeseman, (RA) AHWD CRS ePRO OAHU HAWAII REAL ESTATE
(Liberty Homes)
Many seller's agents are requesting for the buyer's to get preapproved with XYZ lender as a stipulation for submission with their offer. What if the buyer trusts their OWN mortgage broker or loan officer of choice? In a situation where I've had a repeat customer who did choose their own loan officer and the seller's agent demanded a preapproval from the funding lender of their choice is when my clients became very leary. The cons of ‘forcing' a buyer to get preapproved AGAIN: They trust their own loan officer because they've used he/she before and did a great job. (AND..it was their choice so there is no conflict of interest) They are getting leary as to why they HAVE to have another lender pull their credit ....again. If the seller's agent has stated to use XYZ lender for a preap...
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