This is standard protocol with pretty much all banks. Most REO’s get several offers and before they accept one they want to make sure the buyer has the ability to perform. Whether they want the loan is not the issue. They want the property sold and they need to make sure the buyer is well qualified. The truth is, most pre-approval letters arent worth the paper they are written on. Can you blame them for making sure the buyers credit and assets have been checked out by someone they trust?
That top 10 list qwas obviously written by an inexperienced agent and surely one that has little or no experience with REO’s.
