I have a buyer that has been preapproved through a local lender and recently found a Bank of America REO. The MLS listing states that the buyer must submit a prequal letter from Bank of America with the offer. I find this to be too time consuming and frustrating for my client, who already has his financing in place.
Firstly, I don't know any Bank of America loan officers in the Tyler area to refer him to to get pre-qualified. I did go online and referred him to a link to get prequalified but only to get a referral to someone in Dallas who kept him on the phone for an hour or so and who tried to charge him $60 (for what I don't know).
Secondly, we have a preapproval from a repituable local lender and ready to negotiate.
My question: Why waste our time getting prequalified from Bank of America when my client has no desire to use them? Is this legal?
What a waste of time when with REOs, Time is of the Essence.
Harold Carter, REALTORS: Your HUD Listing Broker for 22 Counties in Northeast Texas.
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Tonya, we see this more and more. It really is just steering and should be illegal. I still have not figured out how they get away with it.