As I’ve been shopping for a house, I’ve come across many REO’s and even standard sales that require a controversial full cross qualifying/approval.
Even if you have an underwriter loan approval from a large institution.
I know, I know….they supposedly just want to be sure you can complete the transaction BEFORE they even consider your offer. Basically, they want to mitigate a normal risk of doing business, by scouring through your detailed financial information.
More importantly, this is about (2) things really:
1. Steering business there way…
2. Taking away any negotiating advantage you might have as a buyer since now they know your complete financial picture.
Be smart – don’t play the game by their rules.
I for one don’t look at any listings with these strings attached.
Actually if you have your loan officer get in touch with the preffered lenders loan officer, you can usally get this taken care of. If you can get your loan officer to send them DU Approval then that will usually suffice and the preffered lenders loan officer will send a preap letter.
This is also done because it is not unheard of for people to doctor up previous preapproval letters. Nor is it unheard of for shady loan officers to prequal or preapprove people who are actually not worthy of being preapproved.
Actually if you have your loan officer get in touch with the preffered lenders loan officer, you can usally get this taken care of. If you can get your loan officer to send them DU Approval then that will usually suffice and the preffered lenders loan officer will send a preap letter.
This is also done because it is not unheard of for people to doctor up previous preapproval letters. Nor is it unheard of for shady loan officers to prequal or preapprove people who are actually not worthy of being preapproved.
Actually if you have your loan officer get in touch with the preffered lenders loan officer, you can usally get this taken care of. If you can get your loan officer to send them DU Approval then that will usually suffice and the preffered lenders loan officer will send a preap letter.
This is also done because it is not unheard of for people to doctor up previous preapproval letters. Nor is it unheard of for shady loan officers to prequal or preapprove people who are actually not worthy of being preapproved.
Actually if you have your loan officer get in touch with the preffered lenders loan officer, you can usally get this taken care of. If you can get your loan officer to send them DU Approval then that will usually suffice and the preffered lenders loan officer will send a preap letter.
This is also done because it is not unheard of for people to doctor up previous preapproval letters. Nor is it unheard of for shady loan officers to prequal or preapprove people who are actually not worthy of being preapproved.
Actually if you have your loan officer get in touch with the preffered lenders loan officer, you can usally get this taken care of. If you can get your loan officer to send them DU Approval then that will usually suffice and the preffered lenders loan officer will send a preap letter.
This is also done because it is not unheard of for people to doctor up previous preapproval letters. Nor is it unheard of for shady loan officers to prequal or preapprove people who are actually not worthy of being preapproved.
I admire your principle. I ended up caving and went w/their lender, but they paid for all the closing costs and then some. I think it just makes it easier for them to finally get rid of the place.
Since closing, my loan has changed hands twice already.
I admire your principle. I ended up caving and went w/their lender, but they paid for all the closing costs and then some. I think it just makes it easier for them to finally get rid of the place.
Since closing, my loan has changed hands twice already.
I admire your principle. I ended up caving and went w/their lender, but they paid for all the closing costs and then some. I think it just makes it easier for them to finally get rid of the place.
Since closing, my loan has changed hands twice already.
I admire your principle. I ended up caving and went w/their lender, but they paid for all the closing costs and then some. I think it just makes it easier for them to finally get rid of the place.
Since closing, my loan has changed hands twice already.
