U
/u/thevintagevalue
Guest
Cross post. A first-time buyer I'm acquainted with is well qualified, pre-approved by an established and respected credit union, has 10% down plus cash for closing, and is seeking to buy at a lower price point than qualified for. Buyer has submitted several failed offers well over asking (without going over the self-imposed limit) and has made some concessions with regard to inspection without actually waiving it.
Buyer's agent has now indicated that agent will not work with buyer anymore unless buyer switches to a different lender. Agent said that because agent couldn't reach lender by phone when agent wanted to (presumably to verify qualifications that are already in writing??) and hasn't gotten what agent deems a timely enough response, agent won't reassure selling agent that buyer's offer is a good, qualified one (even though it is). Buyer has been satisfied that the cu lender communicated in a timely manner by email when needed during the approval process. Switching to a different lender would cost buyer a minimum 2k more in closing costs besides a higher rate.
Is this a thing now, that agents don't care about actual pre-approval based on a full loan application with a local lender? If the buyer is qualified and the lender can deliver, what is the problem, why this gatekeeping?
submitted by /u/thevintagevalue
[link] [comments]
agent demanding that buyer change lenders
Continue reading...
Buyer's agent has now indicated that agent will not work with buyer anymore unless buyer switches to a different lender. Agent said that because agent couldn't reach lender by phone when agent wanted to (presumably to verify qualifications that are already in writing??) and hasn't gotten what agent deems a timely enough response, agent won't reassure selling agent that buyer's offer is a good, qualified one (even though it is). Buyer has been satisfied that the cu lender communicated in a timely manner by email when needed during the approval process. Switching to a different lender would cost buyer a minimum 2k more in closing costs besides a higher rate.
Is this a thing now, that agents don't care about actual pre-approval based on a full loan application with a local lender? If the buyer is qualified and the lender can deliver, what is the problem, why this gatekeeping?
submitted by /u/thevintagevalue
[link] [comments]
agent demanding that buyer change lenders
Continue reading...