We made an offer on a house after we had a preapproval from a mortgage lender with a preferred buyers status since we had such a good credit score and debt to income ratio. The seller said they would not accept our offer until we provided a BFI which from my knowledge is a complete financial work up on us. We even got a commitment from the mortgage company and still the seller would not accept our offer with out seeing our BFI. Is that normal? Because it seems weird to me!
2007-12-31 07:45:49 · 4 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
It is not normal! He does not need anything other than your mortgage lender commitment letter. Its too weird for me also, I'd move on to another house.
If the house is listed with a real estate agent and you are offering full price, he now owes the agent a full commission even if he does not accept your offer.
2007-12-31 08:10:50 · answer #1 · answered by Thinker 7 · 0⤊ 0⤋
Some lenders fudged the rules to make questionable loans to unqualified borrowers.
Times change. You're lucky they didn't ask for a DNA fingerprint.
2007-12-31 16:15:13 · answer #2 · answered by Anonymous · 0⤊ 0⤋
A seller has a right to know that a potential buyer is qualified to buy and not just a time-waster. A committment letter from a lender (not a "pre-approval letter") is sufficient.
You may wish to remind the seller that he needs your money much more than you need his house, especially in a flat market.
2007-12-31 16:03:32 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 0⤋
I would think your financial status would be none of their business as long as they're not financing the house. What does your mortgage company say?
2007-12-31 16:01:18 · answer #4 · answered by Larry E 7 · 0⤊ 0⤋