- This topic has 45 replies, 7 voices, and was last updated 15 years, 3 months ago by
SD Realtor.
-
AuthorPosts
-
-
December 18, 2007 at 9:15 PM #11256
-
December 18, 2007 at 10:19 PM #120294
SD Realtor
ParticipantFirst off… Have you ever bought a home from a developer?
The first thing they do (after they stuff a bunch of incentives in front of your snout to use the preferred lender) is tell you, you MUST be preapproved by the preferred lender even if you do not use the preferred lender… So your ire should not be limited to Countrywide.
Finally, nobody is twisting your arm to buy the REO from Countrywide. If you search for a home, and after looking and looking you find the home at the price you want that satisfies other requirements, and you walk because you don’t want to get preapproved a second time then so be it.
Let me tell you when I have a listing and the guy representing the buyer is a mortgage broker, I do not hesitate to advise my client to DEMAND a second preapproval from another lender for that buyer.
While there is no doubt that yes Countrywide wants the loan, regardless of the motivation, what they are doing is not out of the ordinary by any means.
-
December 18, 2007 at 11:51 PM #120324
sdrealtor
ParticipantThis 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.
-
December 19, 2007 at 9:05 AM #120464
NotCranky
Participantsdr, are you sending your clients who need to get qualified with Country Wide, or for any other lender demanding in house quaification, to a mortgage broker to get qualified, to a branch, online? How long is it taking?
-
December 19, 2007 at 10:06 AM #120504
HLS
ParticipantNotwithstanding any Seller required pre-approval, Buyer is not required to obtain financing from CHL or Seller- Buyer may obtain financing from any source..
RUST, For a loan below $417K, it's possible to get a FNMA approval within 2 minutes of submission of an application, with all conditions showing.
Weight is given to credit score, assets, income and LTV, etc.
The actual cost for this is a max of $40, including credit report and FNMA submission fee.
The "findings" will list what needs to be verified. It's basically an underwritten loan, just needs to be verified by an underwriter.
If you list assets or income that cannot be verified, the approved findings become meaningless.
May need to be able to prove what is listed.
A strong borrower may not need to verify income, just verify their job and assets.
-
December 19, 2007 at 10:06 AM #120636
HLS
ParticipantNotwithstanding any Seller required pre-approval, Buyer is not required to obtain financing from CHL or Seller- Buyer may obtain financing from any source..
RUST, For a loan below $417K, it's possible to get a FNMA approval within 2 minutes of submission of an application, with all conditions showing.
Weight is given to credit score, assets, income and LTV, etc.
The actual cost for this is a max of $40, including credit report and FNMA submission fee.
The "findings" will list what needs to be verified. It's basically an underwritten loan, just needs to be verified by an underwriter.
If you list assets or income that cannot be verified, the approved findings become meaningless.
May need to be able to prove what is listed.
A strong borrower may not need to verify income, just verify their job and assets.
-
December 19, 2007 at 10:06 AM #120672
HLS
ParticipantNotwithstanding any Seller required pre-approval, Buyer is not required to obtain financing from CHL or Seller- Buyer may obtain financing from any source..
RUST, For a loan below $417K, it's possible to get a FNMA approval within 2 minutes of submission of an application, with all conditions showing.
Weight is given to credit score, assets, income and LTV, etc.
The actual cost for this is a max of $40, including credit report and FNMA submission fee.
The "findings" will list what needs to be verified. It's basically an underwritten loan, just needs to be verified by an underwriter.
If you list assets or income that cannot be verified, the approved findings become meaningless.
May need to be able to prove what is listed.
A strong borrower may not need to verify income, just verify their job and assets.
-
December 19, 2007 at 10:06 AM #120716
HLS
ParticipantNotwithstanding any Seller required pre-approval, Buyer is not required to obtain financing from CHL or Seller- Buyer may obtain financing from any source..
RUST, For a loan below $417K, it's possible to get a FNMA approval within 2 minutes of submission of an application, with all conditions showing.
Weight is given to credit score, assets, income and LTV, etc.
The actual cost for this is a max of $40, including credit report and FNMA submission fee.
The "findings" will list what needs to be verified. It's basically an underwritten loan, just needs to be verified by an underwriter.
If you list assets or income that cannot be verified, the approved findings become meaningless.
May need to be able to prove what is listed.
A strong borrower may not need to verify income, just verify their job and assets.
-
December 19, 2007 at 10:06 AM #120739
HLS
ParticipantNotwithstanding any Seller required pre-approval, Buyer is not required to obtain financing from CHL or Seller- Buyer may obtain financing from any source..
RUST, For a loan below $417K, it's possible to get a FNMA approval within 2 minutes of submission of an application, with all conditions showing.
Weight is given to credit score, assets, income and LTV, etc.
The actual cost for this is a max of $40, including credit report and FNMA submission fee.
The "findings" will list what needs to be verified. It's basically an underwritten loan, just needs to be verified by an underwriter.
If you list assets or income that cannot be verified, the approved findings become meaningless.
May need to be able to prove what is listed.
A strong borrower may not need to verify income, just verify their job and assets.
-
December 19, 2007 at 9:05 AM #120597
NotCranky
Participantsdr, are you sending your clients who need to get qualified with Country Wide, or for any other lender demanding in house quaification, to a mortgage broker to get qualified, to a branch, online? How long is it taking?
-
December 19, 2007 at 9:05 AM #120630
NotCranky
Participantsdr, are you sending your clients who need to get qualified with Country Wide, or for any other lender demanding in house quaification, to a mortgage broker to get qualified, to a branch, online? How long is it taking?
-
December 19, 2007 at 9:05 AM #120675
NotCranky
Participantsdr, are you sending your clients who need to get qualified with Country Wide, or for any other lender demanding in house quaification, to a mortgage broker to get qualified, to a branch, online? How long is it taking?
-
December 19, 2007 at 9:05 AM #120699
NotCranky
Participantsdr, are you sending your clients who need to get qualified with Country Wide, or for any other lender demanding in house quaification, to a mortgage broker to get qualified, to a branch, online? How long is it taking?
-
December 19, 2007 at 9:25 AM #120469
(former)FormerSanDiegan
ParticipantCan you blame them for making sure the buyers credit and assets have been checked out by someone they trust?
Oh, NOW they start to worry about that. They should have done that 2 years ago 🙂
I see nothing unusual in this. They may be able to make a few more bucks on a particular house by being more accommodating. But, consider the whole picture. They are trying to minimize their losses by getting the properties off their books as quickly as possible. Eliminating one of the primary causes of having buyers fall out of escrow (the loan) is a smart business decision.
Also, look on the bright side. These extra hoops may act to further reduce the buyer pool. This allows those buying foreclosures to negotiate slightly better deals.
-
December 19, 2007 at 9:25 AM #120601
(former)FormerSanDiegan
ParticipantCan you blame them for making sure the buyers credit and assets have been checked out by someone they trust?
Oh, NOW they start to worry about that. They should have done that 2 years ago 🙂
I see nothing unusual in this. They may be able to make a few more bucks on a particular house by being more accommodating. But, consider the whole picture. They are trying to minimize their losses by getting the properties off their books as quickly as possible. Eliminating one of the primary causes of having buyers fall out of escrow (the loan) is a smart business decision.
Also, look on the bright side. These extra hoops may act to further reduce the buyer pool. This allows those buying foreclosures to negotiate slightly better deals.
-
December 19, 2007 at 9:25 AM #120635
(former)FormerSanDiegan
ParticipantCan you blame them for making sure the buyers credit and assets have been checked out by someone they trust?
Oh, NOW they start to worry about that. They should have done that 2 years ago 🙂
I see nothing unusual in this. They may be able to make a few more bucks on a particular house by being more accommodating. But, consider the whole picture. They are trying to minimize their losses by getting the properties off their books as quickly as possible. Eliminating one of the primary causes of having buyers fall out of escrow (the loan) is a smart business decision.
Also, look on the bright side. These extra hoops may act to further reduce the buyer pool. This allows those buying foreclosures to negotiate slightly better deals.
-
December 19, 2007 at 9:25 AM #120681
(former)FormerSanDiegan
ParticipantCan you blame them for making sure the buyers credit and assets have been checked out by someone they trust?
Oh, NOW they start to worry about that. They should have done that 2 years ago 🙂
I see nothing unusual in this. They may be able to make a few more bucks on a particular house by being more accommodating. But, consider the whole picture. They are trying to minimize their losses by getting the properties off their books as quickly as possible. Eliminating one of the primary causes of having buyers fall out of escrow (the loan) is a smart business decision.
Also, look on the bright side. These extra hoops may act to further reduce the buyer pool. This allows those buying foreclosures to negotiate slightly better deals.
-
December 19, 2007 at 9:25 AM #120704
(former)FormerSanDiegan
ParticipantCan you blame them for making sure the buyers credit and assets have been checked out by someone they trust?
Oh, NOW they start to worry about that. They should have done that 2 years ago 🙂
I see nothing unusual in this. They may be able to make a few more bucks on a particular house by being more accommodating. But, consider the whole picture. They are trying to minimize their losses by getting the properties off their books as quickly as possible. Eliminating one of the primary causes of having buyers fall out of escrow (the loan) is a smart business decision.
Also, look on the bright side. These extra hoops may act to further reduce the buyer pool. This allows those buying foreclosures to negotiate slightly better deals.
-
-
December 18, 2007 at 11:51 PM #120457
sdrealtor
ParticipantThis 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.
-
December 18, 2007 at 11:51 PM #120492
sdrealtor
ParticipantThis 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.
-
December 18, 2007 at 11:51 PM #120539
sdrealtor
ParticipantThis 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.
-
December 18, 2007 at 11:51 PM #120555
sdrealtor
ParticipantThis 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.
-
-
December 18, 2007 at 10:19 PM #120428
SD Realtor
ParticipantFirst off… Have you ever bought a home from a developer?
The first thing they do (after they stuff a bunch of incentives in front of your snout to use the preferred lender) is tell you, you MUST be preapproved by the preferred lender even if you do not use the preferred lender… So your ire should not be limited to Countrywide.
Finally, nobody is twisting your arm to buy the REO from Countrywide. If you search for a home, and after looking and looking you find the home at the price you want that satisfies other requirements, and you walk because you don’t want to get preapproved a second time then so be it.
Let me tell you when I have a listing and the guy representing the buyer is a mortgage broker, I do not hesitate to advise my client to DEMAND a second preapproval from another lender for that buyer.
While there is no doubt that yes Countrywide wants the loan, regardless of the motivation, what they are doing is not out of the ordinary by any means.
-
December 18, 2007 at 10:19 PM #120460
SD Realtor
ParticipantFirst off… Have you ever bought a home from a developer?
The first thing they do (after they stuff a bunch of incentives in front of your snout to use the preferred lender) is tell you, you MUST be preapproved by the preferred lender even if you do not use the preferred lender… So your ire should not be limited to Countrywide.
Finally, nobody is twisting your arm to buy the REO from Countrywide. If you search for a home, and after looking and looking you find the home at the price you want that satisfies other requirements, and you walk because you don’t want to get preapproved a second time then so be it.
Let me tell you when I have a listing and the guy representing the buyer is a mortgage broker, I do not hesitate to advise my client to DEMAND a second preapproval from another lender for that buyer.
While there is no doubt that yes Countrywide wants the loan, regardless of the motivation, what they are doing is not out of the ordinary by any means.
-
December 18, 2007 at 10:19 PM #120507
SD Realtor
ParticipantFirst off… Have you ever bought a home from a developer?
The first thing they do (after they stuff a bunch of incentives in front of your snout to use the preferred lender) is tell you, you MUST be preapproved by the preferred lender even if you do not use the preferred lender… So your ire should not be limited to Countrywide.
Finally, nobody is twisting your arm to buy the REO from Countrywide. If you search for a home, and after looking and looking you find the home at the price you want that satisfies other requirements, and you walk because you don’t want to get preapproved a second time then so be it.
Let me tell you when I have a listing and the guy representing the buyer is a mortgage broker, I do not hesitate to advise my client to DEMAND a second preapproval from another lender for that buyer.
While there is no doubt that yes Countrywide wants the loan, regardless of the motivation, what they are doing is not out of the ordinary by any means.
-
December 18, 2007 at 10:19 PM #120525
SD Realtor
ParticipantFirst off… Have you ever bought a home from a developer?
The first thing they do (after they stuff a bunch of incentives in front of your snout to use the preferred lender) is tell you, you MUST be preapproved by the preferred lender even if you do not use the preferred lender… So your ire should not be limited to Countrywide.
Finally, nobody is twisting your arm to buy the REO from Countrywide. If you search for a home, and after looking and looking you find the home at the price you want that satisfies other requirements, and you walk because you don’t want to get preapproved a second time then so be it.
Let me tell you when I have a listing and the guy representing the buyer is a mortgage broker, I do not hesitate to advise my client to DEMAND a second preapproval from another lender for that buyer.
While there is no doubt that yes Countrywide wants the loan, regardless of the motivation, what they are doing is not out of the ordinary by any means.
-
December 19, 2007 at 10:27 AM #120528
cr
ParticipantI read the reasons in the link, and I agree, but we also know Count-refi’d is desperate for business in any form.
If they have an REO you like you can always negotiate to use your own lender, but if they refuse, walk, and let their REO’s sit. No more than a year ago they had ~2000. They’re pushing 4000 now in CA.
“…the pre-approval letter, a satisfactory credit report, and proof of funds sufficient to meet Buyer’s obligations …”
It’s about time, although this will only decrease the # of potential buyers.
-
December 19, 2007 at 10:53 AM #120561
SD Realtor
ParticipantOnce again the point is being missed. This is not only about Countrywide. Any home purchased from a builder requires preapproval from the preferred lender.
Why is that not being discussed.
Many (but not all) of the other lenders who are holding REOs in thier portfolio do this.
This is NOT NEW. This is not some new thing that only Countrywide just now came up with. If you would have tried to buy an REO many years ago, you would have been subject to the requirement.
To the people making these statements, Have you ever tried to purchase an REO? If you think a second approval is a big hassle, wait until you see the release of liability they make you sign. Have any of you ever seen the addendums that the lenders REQUIRE a buyer to sign when an REO is purchased?
Really guys… I don’t mean to be harsh but come on now. It does not reflect well when statements like this are made. For those who have been involved in REO deals this is a laughable post.
SD Realtor
-
December 19, 2007 at 11:08 AM #120586
HLS
ParticipantSD,
I live in a REO purchased from BofA in 1996. At that time, they did not want to offer any financing, they wanted it off their books, It had been empty for a year.They didn’t want a pre-qual either. After a few months of negotiating, we came to terms and got outside financing.
CW is only demanding approval through their offices, not requiring CW financing. What’s the big deal ?
I did have to buy the property “as is” without warranty.
That didn’t turn out to be a problem for me. -
December 19, 2007 at 11:16 AM #120592
SD Realtor
ParticipantYes HLS, that is the point, getting a second approval to me is trivial in the grand scheme of things which is why I was down on the original post. Of course CW financing is not required.
Like I said, institutions vary with the requirements, some want a second, some do not.
SD Realtor
-
December 19, 2007 at 11:16 AM #120727
SD Realtor
ParticipantYes HLS, that is the point, getting a second approval to me is trivial in the grand scheme of things which is why I was down on the original post. Of course CW financing is not required.
Like I said, institutions vary with the requirements, some want a second, some do not.
SD Realtor
-
December 19, 2007 at 11:16 AM #120761
SD Realtor
ParticipantYes HLS, that is the point, getting a second approval to me is trivial in the grand scheme of things which is why I was down on the original post. Of course CW financing is not required.
Like I said, institutions vary with the requirements, some want a second, some do not.
SD Realtor
-
December 19, 2007 at 11:16 AM #120807
SD Realtor
ParticipantYes HLS, that is the point, getting a second approval to me is trivial in the grand scheme of things which is why I was down on the original post. Of course CW financing is not required.
Like I said, institutions vary with the requirements, some want a second, some do not.
SD Realtor
-
December 19, 2007 at 11:16 AM #120829
SD Realtor
ParticipantYes HLS, that is the point, getting a second approval to me is trivial in the grand scheme of things which is why I was down on the original post. Of course CW financing is not required.
Like I said, institutions vary with the requirements, some want a second, some do not.
SD Realtor
-
December 19, 2007 at 11:08 AM #120722
HLS
ParticipantSD,
I live in a REO purchased from BofA in 1996. At that time, they did not want to offer any financing, they wanted it off their books, It had been empty for a year.They didn’t want a pre-qual either. After a few months of negotiating, we came to terms and got outside financing.
CW is only demanding approval through their offices, not requiring CW financing. What’s the big deal ?
I did have to buy the property “as is” without warranty.
That didn’t turn out to be a problem for me. -
December 19, 2007 at 11:08 AM #120757
HLS
ParticipantSD,
I live in a REO purchased from BofA in 1996. At that time, they did not want to offer any financing, they wanted it off their books, It had been empty for a year.They didn’t want a pre-qual either. After a few months of negotiating, we came to terms and got outside financing.
CW is only demanding approval through their offices, not requiring CW financing. What’s the big deal ?
I did have to buy the property “as is” without warranty.
That didn’t turn out to be a problem for me. -
December 19, 2007 at 11:08 AM #120803
HLS
ParticipantSD,
I live in a REO purchased from BofA in 1996. At that time, they did not want to offer any financing, they wanted it off their books, It had been empty for a year.They didn’t want a pre-qual either. After a few months of negotiating, we came to terms and got outside financing.
CW is only demanding approval through their offices, not requiring CW financing. What’s the big deal ?
I did have to buy the property “as is” without warranty.
That didn’t turn out to be a problem for me. -
December 19, 2007 at 11:08 AM #120824
HLS
ParticipantSD,
I live in a REO purchased from BofA in 1996. At that time, they did not want to offer any financing, they wanted it off their books, It had been empty for a year.They didn’t want a pre-qual either. After a few months of negotiating, we came to terms and got outside financing.
CW is only demanding approval through their offices, not requiring CW financing. What’s the big deal ?
I did have to buy the property “as is” without warranty.
That didn’t turn out to be a problem for me.
-
-
December 19, 2007 at 10:53 AM #120697
SD Realtor
ParticipantOnce again the point is being missed. This is not only about Countrywide. Any home purchased from a builder requires preapproval from the preferred lender.
Why is that not being discussed.
Many (but not all) of the other lenders who are holding REOs in thier portfolio do this.
This is NOT NEW. This is not some new thing that only Countrywide just now came up with. If you would have tried to buy an REO many years ago, you would have been subject to the requirement.
To the people making these statements, Have you ever tried to purchase an REO? If you think a second approval is a big hassle, wait until you see the release of liability they make you sign. Have any of you ever seen the addendums that the lenders REQUIRE a buyer to sign when an REO is purchased?
Really guys… I don’t mean to be harsh but come on now. It does not reflect well when statements like this are made. For those who have been involved in REO deals this is a laughable post.
SD Realtor
-
December 19, 2007 at 10:53 AM #120730
SD Realtor
ParticipantOnce again the point is being missed. This is not only about Countrywide. Any home purchased from a builder requires preapproval from the preferred lender.
Why is that not being discussed.
Many (but not all) of the other lenders who are holding REOs in thier portfolio do this.
This is NOT NEW. This is not some new thing that only Countrywide just now came up with. If you would have tried to buy an REO many years ago, you would have been subject to the requirement.
To the people making these statements, Have you ever tried to purchase an REO? If you think a second approval is a big hassle, wait until you see the release of liability they make you sign. Have any of you ever seen the addendums that the lenders REQUIRE a buyer to sign when an REO is purchased?
Really guys… I don’t mean to be harsh but come on now. It does not reflect well when statements like this are made. For those who have been involved in REO deals this is a laughable post.
SD Realtor
-
December 19, 2007 at 10:53 AM #120777
SD Realtor
ParticipantOnce again the point is being missed. This is not only about Countrywide. Any home purchased from a builder requires preapproval from the preferred lender.
Why is that not being discussed.
Many (but not all) of the other lenders who are holding REOs in thier portfolio do this.
This is NOT NEW. This is not some new thing that only Countrywide just now came up with. If you would have tried to buy an REO many years ago, you would have been subject to the requirement.
To the people making these statements, Have you ever tried to purchase an REO? If you think a second approval is a big hassle, wait until you see the release of liability they make you sign. Have any of you ever seen the addendums that the lenders REQUIRE a buyer to sign when an REO is purchased?
Really guys… I don’t mean to be harsh but come on now. It does not reflect well when statements like this are made. For those who have been involved in REO deals this is a laughable post.
SD Realtor
-
December 19, 2007 at 10:53 AM #120799
SD Realtor
ParticipantOnce again the point is being missed. This is not only about Countrywide. Any home purchased from a builder requires preapproval from the preferred lender.
Why is that not being discussed.
Many (but not all) of the other lenders who are holding REOs in thier portfolio do this.
This is NOT NEW. This is not some new thing that only Countrywide just now came up with. If you would have tried to buy an REO many years ago, you would have been subject to the requirement.
To the people making these statements, Have you ever tried to purchase an REO? If you think a second approval is a big hassle, wait until you see the release of liability they make you sign. Have any of you ever seen the addendums that the lenders REQUIRE a buyer to sign when an REO is purchased?
Really guys… I don’t mean to be harsh but come on now. It does not reflect well when statements like this are made. For those who have been involved in REO deals this is a laughable post.
SD Realtor
-
-
December 19, 2007 at 10:27 AM #120660
cr
ParticipantI read the reasons in the link, and I agree, but we also know Count-refi’d is desperate for business in any form.
If they have an REO you like you can always negotiate to use your own lender, but if they refuse, walk, and let their REO’s sit. No more than a year ago they had ~2000. They’re pushing 4000 now in CA.
“…the pre-approval letter, a satisfactory credit report, and proof of funds sufficient to meet Buyer’s obligations …”
It’s about time, although this will only decrease the # of potential buyers.
-
December 19, 2007 at 10:27 AM #120695
cr
ParticipantI read the reasons in the link, and I agree, but we also know Count-refi’d is desperate for business in any form.
If they have an REO you like you can always negotiate to use your own lender, but if they refuse, walk, and let their REO’s sit. No more than a year ago they had ~2000. They’re pushing 4000 now in CA.
“…the pre-approval letter, a satisfactory credit report, and proof of funds sufficient to meet Buyer’s obligations …”
It’s about time, although this will only decrease the # of potential buyers.
-
December 19, 2007 at 10:27 AM #120740
cr
ParticipantI read the reasons in the link, and I agree, but we also know Count-refi’d is desperate for business in any form.
If they have an REO you like you can always negotiate to use your own lender, but if they refuse, walk, and let their REO’s sit. No more than a year ago they had ~2000. They’re pushing 4000 now in CA.
“…the pre-approval letter, a satisfactory credit report, and proof of funds sufficient to meet Buyer’s obligations …”
It’s about time, although this will only decrease the # of potential buyers.
-
December 19, 2007 at 10:27 AM #120764
cr
ParticipantI read the reasons in the link, and I agree, but we also know Count-refi’d is desperate for business in any form.
If they have an REO you like you can always negotiate to use your own lender, but if they refuse, walk, and let their REO’s sit. No more than a year ago they had ~2000. They’re pushing 4000 now in CA.
“…the pre-approval letter, a satisfactory credit report, and proof of funds sufficient to meet Buyer’s obligations …”
It’s about time, although this will only decrease the # of potential buyers.
-
-
AuthorPosts
- You must be logged in to reply to this topic.