We’ve all heard the old saying , “Give them an inch and they will take a mile.” Right?
Well, this has never held more true than it does today in this age of bank owned properties. No, this is not another one of those bank, bashing blog posts that seem to be everywhere these days. Quite frankly it is difficult to tell if the expanding trend of banks REQUIRING more and more of a potential purchaser before accepting an offer, is the work of the banks or of some of the bank-employed REALTORS® that have hitched their fortunes to their bank-employer.
Let’s take a little walk down memory lane to see what I mean.
Inch #1-In the beginning, banks that owned foreclosed homes simply required that a buyer present a loan prequalification letter with any offer that was made on one of their homes. This seemed fair, as no seller wants to be dealing with a buyer that is not qualified for a loan.
Inch #2- It was then not good enough that the purchase contract stated that the buyer had given a deposit check to their agent. The bank wanted a copy of the check.
Inch #3-Next the major banks required that any prospective buyer be loan prequalified with their bank before they would consider the buyer’s offer. Great way for the bank’s loan officers to try and persuade a buyer to swtich their business to them. Yes, it is happening! Read the rest of this entry »
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