Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
You can still use your bank for handling the loan. Many bank foreclosure sellers want pre-quals from their in-house lenders to verify the buyer's ability to get a loan. It's not safe to ignore if you want them to consider your offer.
You can still use your bank for handling the loan. Many bank foreclosure sellers want pre-quals from their in-house lenders to verify the buyer's ability to get a loan. It's not safe to ignore if you want them to consider your offer.
I was wondering if this "requirement" was the same as a range pricing listing. Sure they want you to submit an offer within this range, but 99% of the sold listings end up selling below the lower end of the range.
I suspect this is just a scheme to drum up more business for WF.
I was wondering if this "requirement" was the same as a range pricing listing. Sure they want you to submit an offer within this range, but 99% of the sold listings end up selling below the lower end of the range.
I suspect this is just a scheme to drum up more business for WF.
That's almost certainly part of the reason. But more important is that they want to be sure you actually ARE qualified to make the purchase. If they put you through their process, thay are as assured as they can be. They cannot make it a requirement that you borrow the money from them, though it's possible they'll make a sales pitch to you.
Since I did purchase a foreclosure a year and a half ago ...
Quote:
Originally Posted by Bill Keegan
But more important is that they want to be sure you actually ARE qualified to make the purchase. If they put you through their process, thay are as assured as they can be.
+1. Some mortgage brokers still don't do the actual verifications when prequalifying a client, so when the actual loan proceeds, it falls apart in mid-transaction.
Quote:
They cannot make it a requirement that you borrow the money from them, though it's possible they'll make a sales pitch to you.
+2. In my case, the mandatory lender ended up being lower than the rate I got from my lender, so they got the business.
...I suspect this is just a scheme to drum up more business for WF.
While they do also want to get your loan business, it is not unique to WF. You will see this requirement with most of the banks. As said, they can't force you to get a loan from their preferred lending service as a condition of the sale.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
