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Seller wants me to get pre-approve thru them.

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eddymvp
Frequent Contributor

Seller wants me to get pre-approve thru them.

I sent an offer to the seller for a condo and they want me to get pre-approve thru them inorder for them to accept my offer. I want to do FHA, because I don't have the 10% that they are asking for the condo. My lender sent the spot-approval form to my agent yesterday. Should I wait way the spot-approval before I get pre-approve thru the seller.
Message 1 of 11
10 REPLIES 10
cobaltnv
Established Contributor

Re: Seller wants me to get pre-approve thru them.

Is the condo being sold by an individual, bank, or builder?   Do they want you to get pre-approved through them or to purchase through them?

 

Keep in mind this is a buyers market. If you have a lender willing to lend you the money, the seller should not care where that is coming from. Unless they are willing to take much less $$ I would tell them where they can stick their pre-approval requirement. My guess is that they are getting a kickback if you use their lender.

Good Luck! 

TU 810: EQ 813: EX 814 (9/16/09--Loan officer pull)

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Message 2 of 11
eddymvp
Frequent Contributor

Re: Seller wants me to get pre-approve thru them.

This is a bank owned property, I have sent 3 offers to three different properties and I have been outbidded. I have sent more than the asking price.

 

This condo has been on the market for a long time and they just decrease the asking price from 119K to 114.5K.

Message Edited by eddymvp on 03-04-2009 11:18 AM
Message 3 of 11
DallasLoanGuy
Super Contributor

Re: Seller wants me to get pre-approve thru them.

countrywide does this a lot.

they just want a trusted person to see if you can get approved.

they cannot force you to use them, but they are within their rights to make you get preapproved by them.

 

get the spot approval completed first.

 

Retired Lender
Message 4 of 11
Anonymous
Not applicable

Re: Seller wants me to get pre-approve thru them.

Dallas, I have wondered...when they do this are they pulling your credit every time. What if, like the OP said he puts a few offers on properties but is outbid. In this crazy market, this can happen multiple times and result in multiple pulls for no good reason. Especially if by the time you move on to the next house you are outside the "15-30 day mortgage inquiries treated as one" window.  Kinda bogus isn't it?
Message 5 of 11
Anonymous
Not applicable

Re: Seller wants me to get pre-approve thru them.

They will usually pull credit.  There is no way to really pre-qualify someone without pulling credit. 
Message 6 of 11
Anonymous
Not applicable

Re: Seller wants me to get pre-approve thru them.


@Anonymous wrote:
They will usually pull credit.  There is no way to really pre-qualify someone without pulling credit. 

Thanks it was kind of a stupid question. I don't know I thought maybe if you were preapproved they could use that report from your lender or something. Just seems like something to consider if you are in a market when you may have to bid on multiple properties over a period of time. I wouldn't like that too much. 

Message 7 of 11
Anonymous
Not applicable

Re: Seller wants me to get pre-approve thru them.

I had the same thing happen with a condo we were looking at.  They wanted pre-approval through their "trusted" broker.  The broker allowed me to use the same report my broker had pulled 5 days previous.  It doesn't hurt to ask if you can use the same report.
Message 8 of 11
eddymvp
Frequent Contributor

Re: Seller wants me to get pre-approve thru them.

I just called the Listing broker and they said that they cannot do that. They would have to pull my credit report. I'm thinking of backing out of this deal because I don't like Wells Fargo.
Message 9 of 11
Anonymous
Not applicable

Re: Seller wants me to get pre-approve thru them.

How much do you like the house, that's the real question.  I have been going through Wells and so far everything has been A-Okay.
Message 10 of 11
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