Foreclosed property is owned by a bank, the bank owning the property is now requiring buyers to qualify through them before they can make an offer on their property.
I have a qualified buyer that has been approved through their own bank and does not plan on using another bank for financing. So if I am showing property to them on Saturday and they decide to make an offer, we must wait until Monday to get pre-qualified by the required lender listed in the MLS. Now it may be Tuesday before we can get the letter from the required lender to submit with the offer. By that time the property may be under contract. Now my buyer has another hit on their credit, this is a detriment to buyers credit. With new lending guide lines being so strict soon the buyer may not qualify for a mortgage loan.
On the other side of the coin, I am working with a buyer and they want to make an offer. As I am reading the information from the MLS stating they must qualify through the lender that owns the property, just to submit an offer. The buyers said “I just got qualified through the bank I am using?” They refused to hand their financial documents over to the very person they will be buying the property from.
I am requesting that ECAR not allow agents to advertise banks in our MLS and stop letting the banks run our business.
Bev Dudley, Realtor