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Does the seller work in the mortgage industry? I wonder if the seller or a close relative works for Lender XYZ and would be getting special handling because of that. Also true of the closing agent -- they may be in a position to have favors done for them that cuts down their costs. #3, having loan approval within a certain period of time, isn't a biggie in my book, although the time frame seems a little short, but again, that depends on when the proposed closing date was.
If you wanted the house, there was nothing stopping you from countering back, removing those contingencies and extending the loan approval time a few days. It may have been accepted -- they may have been fishing, or still be smarting over the last escrow falling through, and were wanting to exert some control. Seems to me that the real estate agents in this deal weren't managing the expectations very well.
So many people have said you can't force someone to use a specific lender (which I agree with). What would that mean if that contract was signed? Would the entire contract be invalid or just that part?
Something else I didn't see anyone mention. Even if they can't require you to use a specific lender, they can reject your offer based on the lender you are using, which, in effect, does the same thing. I wouldn't do this as a seller unless the seller's market is very competitive.
But we have a list of "bad" lenders hanging up in our office, and we have (on properties we own ourselves) rejected offers before based on the buyer having a letter of loan approval from one of those lenders. And we have told buyers (our own clients) before that they either needed to find another lender or find another agent, because we weren't willing to work with the lender they wanted to use.
There are some really bad lenders out there, who I don't know how they stay in business.
Perhaps if this post was put in bold and letters a foot high, posters would get the message.
Seems many are talking right past this post.
This post says it all.............short and simple !
I am not certain it's accurate, if the seller is a private individual. A seller can require whatever they like as long as they are not discriminatory and not part of the licensed real estate community where a whole bunch of other initial laws come into play.
I am not certain it's accurate, if the seller is a private individual. A seller can require whatever they like as long as they are not discriminatory and not part of the licensed real estate community where a whole bunch of other initial laws come into play.
Ding! Winner, Winner! Chicken Dinner!
Yes, the private seller is not held to the same standards as regulated sellers.
I have a far greater issue with sellers requiring the buyer to use their attorney for title work and closing. Which is legal, as long as the seller compounds the conflict of interest by paying the attorney. Yikes! And Sheesh!
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