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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!
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.
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.
@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.