Mandatory Caliber Home Loans pre-qual?

[Vonetta Booker]

On the MLS in my area of CT, I've seen several REO listings that state that in order to make an offer, the buyer must get prequalified through Caliber Home Loans. We already have a prequal letter from another lender, but the seller/bank insists on the Caliber prequal.

Has anyone ever heard of this type of thing with REO offers (or with Caliber in particular)? I just find it a bit strange that they'd insist on that--if one has a valid prequal letter or POF, what should it matter, right? I'm just trying to have as little hard pulls on my credit as possible.

[Jeremy P.]

Maybe Caliber owns the home, its been sitting for way to long, maybe been under contract too many times with buyers not qualified.

I dont remember the exact verbiage but @J Scott had it in his book http://get.biggerpockets.com/flippingbook/. Most Sellers that are Realtors or have their License have more control of the Sale. They also have Lenders they work with specifically. In the book J Scott goes on to say a potential Buyers Lender held up the sale for roughly 2 months. After that he uses his Lender which has easier communication and the sale process can flow smoothly.

Reach out or have your Realtor reach out to the Listing Agent and find more info.