REO Property
Found an REO property that has great potential..submitted an offer with a preapproval from a mortgage bank i use regularly and have a good relationship with..looks like the offer will be accepted but the realtor representing the bank said if the offer is accepted i have to use them (wells fargo) for the new financing on the property..my question is: Is this common and can this be mandated by a bank? Im happy with my options being open as to who to use for financing..almost ready to walk away from this great deal due to the banks terms..
we bought a house that countrywide stated we had to at least try their financing...our company already had financing lined up but they were able to beat the rate and closing costs just to get the loan so we went with countrywide...so it may be a good thing for you as long as they dont mandate that you HAVE to use their financing
The realtor i was dealing with misunderstood what the bank representative was saying. They only required a Wells fargo pre qualification before they accepted any offers from me.