John Baylon said: May 4, 2009 12:30 pm PST
My Realtor from Coldwell told me I had to use Countrywide as a Lender, I don`t think that is right when I should have a choice, needless to say, I did get another Realtor. Can you reply?
Mortgage Banking/Finance - General Finance
QUESTION:
The broker is working with a buyer client. The property the buyer is looking at is listed and the listing broker states that the buyer must have a pre-qualification letter from lender ABC. Is that legal?
ANSWER:
A seller may condition the presentation of an offer upon an accompanying pre-qualification letter for the buyer. Because the lending industry does not have statutory or regulatory criteria for pre-qualification letters, the seller may consider a pre-qualification from a certain lender to be more informative of the buyer's financial ability to purchase the property. The requirement for a pre-qualification letter is independent from the buyer's election to obtain financing from any source to fund the transaction that the buyer may choose.