I Don't Like it One Bit, but I Don't Guess I Can Do a Thing About It

By
Real Estate Agent with McGraw Realtors

Common Sense?Let me begin this post by saying up front that I am not a foreclosure Realtor specialist.  While I do list and sell some foreclosed properties, they aren't my focus and/or speciality.  Thankfully, in Oklahoma we don't have that many foreclosed properties and most of the foreclosure market was snatched up long before I ever would have had a shot at it.  I'm sure there's lots about foreclosures that I am woefully ignorant of and simply do not know.  Maybe that is a good thing.

With that having been said, there is a new wrinkle I'm beginning to see in our foreclosure market.  It goes like this..."Bank of America approval required..."

The first time I saw it, I had to go back and read it again.  Then I called the listing agent who told me that while my buyer didn't HAVE to go through Bank of America, they would have to talk to the Bank of America loan guy and go through a simple application and approval process to buy the house.

Needless to say, when I spoke with the actual loan officer about this new wrinkle on the landscape, he was none too pleased.  After doing what we felt needed to be done to protect our buyer, we sent her off to have her visit with Mr. Bank of America loan guy.  A day or so later he told us that she smelled okay and that when he frisked her, she wasn't hiding any bad credit scores anywhere and that she would be okay to buy the house.  Whew!  That sure made us feel better about our previously pre-approved client!

We already deal with being forced to use closing companies not of our choosing, which I believe is...uh...illegal or something like that.  Now, we have to get a second approval from Bank of America in order to buy one of their foreclosed properties?  Seriously?

I supose Bank of America is so smart that they no longer trust any other Mortgage company on the planet to be able to do their job.  Or maybe they just are over reacting to the housing market crash.  Or maybe they're just that good.

Whatever it is, I don't understand.  And I don't appreciate it either.  And neither has a single client I've worked with who has had to jump through their little special "come and talk to us" hoop.

Real Estate Foreclosures.  Grrrr.

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Topic:
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"Whacked"!!!
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Rainmaker
1,161,096
Gene Riemenschneider
Turning Houses into Homes
Home Point Real Estate

Get used to it.  It happens all the time around here.  The is one advantage, when things get screwed up you can point the finger at them, their Agent, their escrow company, their bank.

November 11, 2010 10:12 PM
Rainmaker
493,806
Lora "Leah" Stern 914-772-4528
Real Estate Salesperson
Coldwell Banker, 170 N Main Street, New City NY 10956

Bob, I personally don't see anything wrong with it.  Not all pre-approvals are equal and if the seller wants to make sure that the buyer is viable and finds more comfort in having them pre-approved by their lender of choice, then that's fine by me.

November 11, 2010 10:58 PM
Rainmaker
183,714
Wanda Thomas
Billings Montana Real Estate
Montana Homestead Brokers, Broker, CRS, GRI, SFR, RN

This is a bit uncomfortable isn't it?  It's hard enough for some people to give their information to their lender, then to have to give up to someone else!

However, since I've been faced with BS pre-approvals from places I've never even heard of, I can sure understand this.  I look for local lender pre-approvals to bring offers and when I receive them.

November 11, 2010 11:23 PM
Rainmaker
398,286
The Scott Loper Team Lansdale & Harleysville PA Homes
Keller Williams Real Estate - Montgomeryville

Hi Bob,

We don't see that very often in our area but I have found the comments very interesting and insightful.  Thanks for covering the topic.

~Lisa

November 12, 2010 11:01 AM
Rainmaker
615,291
Dawn A Fabiszak
The Dawn of a New Real Estate Experience!
Keller Williams Real Estate ( Denver metro area, Colorado

Bob ~ like the government, you have to jump through the hoops if you want to get the deal done.  We are playing on their ball field.  As Andy stated, Wells Fargo and Chase do this as well.  I know they have been requiring it for quite a while.

November 12, 2010 09:38 PM
Anonymous
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Bob Haywood

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