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Two years ago I wrote about this… On many Foreclosure and Short Sale properties, sellers are requiring buyers to qualify with a specified lender… sometimes even the lending branch of the seller.
It doesn’t seem to be that big of a deal, right? I mean all you have to do is call up the specified lender, give them some info over the phone and let them make sure you are qualified to complete the sale of the property. But the problem is that many buyer end up offering on multiple properties over several months… and that means that the credit pulls can actually HARM the credit of the buyer.
There still aren’t any rules regarding this practice. And I still think it needs to be stopped… I can understand it from the perspective of the seller, but it may actually be damaging to the buyer’s credit.
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