Should we get a new Agent? And then make an offer? Don't really want to deal w/ Countrywide. I feel that if we are already Pre-qualified that we do not need to do it again. House is a repo by Countrywide and I think this is just a way for them to keep it in their portfolio. Agent says that we "must prequalify through Coutrywide" because that is what it says on the MLS service. Anybody have any input?
2007-07-17 14:08:14 · 6 answers · asked by Robert B 1 in Business & Finance ➔ Renting & Real Estate
They are not saying you have to get your loan thru Countrywide. They just want to really know from their own information if you can qualify before they take the house off the market.
They will also try to sell you on the idea of using them to get your loan they won't require it.
2007-07-17 14:16:40 · answer #1 · answered by glenn 7 · 0⤊ 0⤋
Sometimes what happens that a seller which in this case is countrywide, wants to make sure you qualify for the loan before they accept the offer. What you need to find out is if you have to do the loan through them. Prequalifying and financing the loan are two different things. If you have to do the loan through them then this is illegal. You have the right to choose your lender. But I think it sounds like they just want to make sure you qualify. Your lender should be able to supply them with the information they need to do that. But double check for sure. It's not your agent if it is required on the MLS.
Good luck.
CA Lender
2007-07-18 04:50:53 · answer #2 · answered by lenderjayne 3 · 0⤊ 0⤋
The seller, which is in this case Countrywide, can place such a restriction in its listing in the MLS. This is not the agent's requirement. This is COUNTRYWIDE'S requirement, and any agent will respond to you in the same fashion.
You can insist on writing an offer and an agent must submit it. However, you are wasting YOUR time and the agent's time as well by doing so, since Countrywide won't even LOOK at your offer unless accompanied by the requested pre-approval.
You are not required to FINANCE through Countrywide. You are only required to obtain their pre-approval to have your offer considered.
2007-07-17 21:15:40 · answer #3 · answered by acermill 7 · 2⤊ 0⤋
It is not unusual for lenders to require a pre-qualification or pre-approval before they will look at an offer on a repo. They don't want to be bothered accepting an offer and then find the prospective buyer cannot qualify for a loan to buy the house. A waste of time for them and actually for you also. By being pre-qualifed, you know before you make any offer that you can get the financing. Pre-qualification is only good for a reasonably short time - buyers could get pre-qualified and then go out and buy a $30,000 vehicle which could change the qualification.
2007-07-17 21:19:42 · answer #4 · answered by caddemd 2 · 0⤊ 0⤋
does not sound like its the agent problem but a prerequisite for country wide to make an offer, it may seems unfair, have your agent call the listing agent to see what is the inside scope
2007-07-17 21:12:23 · answer #5 · answered by goz1111 7 · 0⤊ 0⤋
DING DING DING- RED FLAG RED FLAG RED FLAG.
They can not steer you to any particular mortgage company, title company or any business that they may have a relationship with. I would pass on this one.
2007-07-17 21:15:05 · answer #6 · answered by Alterfemego 7 · 0⤊ 0⤋