so should i fire my realtor?

Question

Selling bank asks for a pre approval letter?
my pre approval letter is for 500k and im attemptting to buy a house listed for 240 which has been empty for 600 days on a bad street and vacant for 160k if the selling party knows how much im worth why would the seller even consider my low offer . i mean if the buying party ask for a pre approval letter do i have to provide it in order to put a bid in...it almost seem like a catch 22..i feel like my realtor might not even be presenting my offer in order to earn herself more cash by assisting the selling party to drive the price?...oknow i know i can hav my bank rep redo my preapproval for the lessor ...howeer i already made the offer with the 500k posted on it which was not accepted by the way....should i get a new realtor for not advising me better before i let them see my full worth i mean she was suppose to be a professional and be working for me ....i feel as though she should have had my best interest in mind from the start ..

Answer 1

first of all is the realtor working for you or is it the sellers agent working as a tranactions agent

if this is an agent of your own not connected to the seller your agent has made a mistake all that she had to say is that you are preapproved no proof should have needed to be given.

if she is also working for the seller or the home is listed by her office id not work with her.

rememember realtors work on commision and some get greedy times are tough for anyone in the real estate market
as far as your mortgage broker or bank if you ask them for what you can be approved for they gave the the highest amount. if you go back and tell them im making an offer and need a letter they would change it.

Answer 2

The bank is only concerned that you are qualified to buy the property. You could be approved for five million dollars, and the bank would not care.

The reason your offer was rejected was that you wrote an offer for two thirds of the asking price. The bank wants $240,000, or reasonably close to that figure. I'd venture they just tossed your offer into the nearest wastebasket.

Answer 3

You might want to get in touch with your Realtor's Broker and tell them how you feel about the situation. They may assign a different Realtor to assist you.

If you have a bad taste for this brokerage firm, then you may want to go someplace else and forget about this property, there are plenty of other homes out there right now.

Good Luck

Answer 4

What makes you think this is your Realtor's fault because your LOAN OFFICER didn't get a copy of the sales contract in order to write the letter appropriately.

You are blaming the wrong person.