What is that supposed to mean? My buyer wants to make an offer on this short sale and the listing agent states in the MLS and I quote: "Bank of America pre-qualification needed for all offers. Free appraisal and credit report if buyer finances through Bank of America Home Loans."
What if my buyer doesn't like to do business with Bank of America? What if my buyer has a pre-qualification from his own lender/bank already? Not good enough? Will you not present the offer and discriminate against my buyer if the pre-qualification is not from Bank of America?
Are you seeing this in your MLS as well? Is this STEERING?
Short Sale buyer MUST submit pre-qual letter from Bank of America
5 comments • Andrea & Darrin Mills YourHighlandsCountyRealtors 863-202-0729 • August 31 2009 02:00PMComments
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Very common in my area but mostly with REOs. As much as it sucks it's perfectly within the seller's rights to make this one the terms of the offer. They can't dictate who the Buyer ultimately uses but they can certainly mkae them get qualified through a trusted lender.
It's perfectly legal.
Bunch of BS, even if legal.
Its just a tool BofA uses to generate leads for its often higher priced retail operations. It is deifinitely steering, but like the sale of Trigger Leads, it is legal although it does not pass the smell test.
Akron, Ohio
I see it all the time and NOT JUST referring to B of A. It's no big deal.
Andrea & Darrin--As previously stated, you don't HAVE to get the loan from them but, it bodes well for your buyer to have the BOA pre-approval--if their trusted lender (themselves) think that your buyer is qualified, then they will be considered for the offer. I have even gotten my buyers to get pre-qualified with the owner-lender of a foreclosure so that the bank will look more favorably at my buyer and hopefully beat out competing bidders. The buyer knows that they don't have to use that particular lender but, if it helps them win the bid, then they don't feel like it's 10 minutes of wasted time for them!