- This topic has 45 replies, 7 voices, and was last updated 17 years, 4 months ago by
SD Realtor.
-
AuthorPosts
-
December 18, 2007 at 9:15 PM #11256December 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 10:19 PM #120428SD 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 #120460SD 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 #120525SD 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 #120507SD 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 #120555sdrealtor
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 #120539sdrealtor
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 #120324sdrealtor
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 #120457sdrealtor
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 #120492sdrealtor
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 #120597NotCranky
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 #120699NotCranky
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 #120675NotCranky
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 #120630NotCranky
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?
-
AuthorPosts
- You must be logged in to reply to this topic.