Last year I was waist deep in dealing with buyers involved in REO properties (bank owned).  Oddly, I have been waist deep in the same process lately.

As mentioned in the older post, some buyers have to go through 6, 8 or 10 (or more) offers in order to land some of these properties.  And when the listing agent, or the seller, requires a pre-qualification from THEIR specific lender in order to offer on the property, that can add up to a lot of credit pulls for the potential buyer… possibly even enough to damage their credit.

The situation seems a little better… but only a little.  We are still running into a lot of bank owned properties that are requiring buyers submit to specific pre-quals from lenders that are either specified to by the seller, or friends/partners of the listing agent.

We have had a little better luck resisting this year, though.  Perhaps the banks are getting the message that this isn’t their best idea…

Related articles

• Flashback Friday… Mortgage Thoughts… (lanebailey.com)
• Wayback Wednesday… Set the Hook… (lanebailey.com)