Well today was a first for me. My buyer absolutely refuses to cross qual with Bank Of America or any other lender for that matter. She has shared her information with one lender and that's that. End of story. I understand BAC wants to know for sure she is qualified to complete a transaction. And I do ask my buyers to check GFE from at least two lenders to get the best loan deal out there. But not this buyer.
It really is ridiculous to have to cross qual on the bank owned properties. I had asked for a buyer to cross qual on a listing I have to be sure they can complete the deal and they also refused. Their lender did call me to guaranty they can complete the transaction. And honestly I am good with it. There are no kick backs to the RE agent from lenders, but I also have lenders I know can do the deal and get it closed.
Maybe the banks, now in the selling side of Real Estate should back off and stop forcing people to cross qualify? I wouldn't want my information out there on the Internet either, With identity theft rampant. But then again the differences in the bottom line for lender fees varies greatly.
The best deals I have seen is with Credit Unions, but they also do not get into FHA or VA loan. Conventional 5% down with MI. So that pretty much means a loan from the Big Three. Loan Brokers charge higher fees, not as high as Hard Money Loans 12% with 50% down. Talk about price gouging!
So maybe if the Realtors made a big enough stink the Big Three would back off.
That's my rant for the week. Happy Closings to all!
Tere, I agree, banks that own properties should not be allowed to insist that potential buyers qualify through their system. Providing a pre-qualification letter and buyers financial should be enough for the banks, it is for owners, so why not the banks?
Seems like common practice now, even for many standard/short sales. Thanks for sharing Tere!
Tere, can't blame your buyers. On my listings I do not ask for cross-qual. If buyers refuse to cross-qual then banks will have to let up on that requirement.