Highest Bidder on xome.com: Greenlight Loans giving me hard time

[Anil Mogha]

Hello Friends,

This is my first post. I am new to REO but made the first purchase through xome.com

I was the highest bidder and bank has accepted my offer. The bank was Nationstar mortgage. 

Everything went fine so far I have signed the purchase agreement and received the fully executed purchase agreement. Except now the Greenlight Loans, a division of Nationstar Mortgage LLC, forcing me to get prequalified for financing with them. I am already working with my lender and I sent them the pre-approval letter to them which they have rejected saying:

"I looked over the letter you sent and it is not an actual pre-approval letter. It states in the second paragraph that the loan can only be approved after you give them the property address and they submit the file to a computerized underwriting system. To continue with the process, I will need you to get a pre-qualification letter from the preferred lender, Greenlight loans, a division of Nationstar Mortgage."

They are quoting following clause from the faq sheet I received from XOME after I made the offer: 

"Financed sale – Pre-qualification letter from GreenLight Loans (888)327-6553 is

required.

Seller requires GreenLight pre-qualification letter to consider offer. You are not required

to use GreenLight for financing. You will also need to provide proof of funds for the

down payment portion of the sale price. (Buyers vesting in LLC or Corporation name

may provide letter from other lender)"

While the purchase agreement says the following:

"Buyer understands and acknowledges that the purchase of the Property and the consummation of the transaction contemplated in this Agreement IS NOT contingent on Buyer obtaining financing for the purchase of the Property. Notwithstanding that there is no financing contingency, Seller may require Buyer to obtain, and provide to Seller, a pre-qualification letter at, prior to, or after entering into this Agreement. Should Buyer not provide Seller with a copy of such pre-qualification letter within five (5) Business Days of Seller’s request for same, Buyer shall be deemed to be in default under this Agreement and Seller shall have the right to terminate this Agreement in Seller’s sole and absolute discretion. "

I am really confused because according to my lender they are ready to commit for the loan but it will take 2-3 weeks since appraisal and underwriting is involved.  

I am not sure if the greenlight loans trying to scam me or what. I do not want excessive inquiries on my credit report because I am planing to invest in couple of more properties in future. Moreover, I saw really bad BBB review for this particular company.

Any experience from veterans here will be highly appreciated.

The said property is in New Jersey and it is 25% down and 75% financed.

Any insight/thought/help is highly appreciated.

Thanks