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Updated over 14 years ago on . Most recent reply

Michael S.'s profile image
Michael S.'s profile image
Michael S.
  • Real Estate Investor
  • from Paramus, New Jersey
  • Member since Aug 3, 2008
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Michael S.'s profile image
Michael S.'s profile image
Michael S.
  • Real Estate Investor
  • from Paramus, New Jersey
  • Member since Aug 3, 2008
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Michael S.
  • Real Estate Investor
  • Paramus, NJ
4
Votes |
64
Posts
Foreclosures

Mandatory prequal from specific bank???

Michael S.
  • Real Estate Investor
  • Paramus, NJ
Posted

This morning I looked at a forclosure, liked it and submitted my offer at asking price with my mortgage prequal from Wells Fargo. I was just notified that I must get a prequal from another bank for my offer to be accepted. This absolutely infuriates me becuase I do not want unnessesary inquiery on my rcredit report. Is this even leagl?

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Steve Babiak's profile image
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Steve Babiak
  • Real Estate Investor
  • from Audubon, Pennsylvania
  • Member since Apr 13, 2009
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Steve Babiak's profile image
Steve Babiak's profile image
Steve Babiak
  • Real Estate Investor
  • from Audubon, Pennsylvania
  • Member since Apr 13, 2009
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Steve Babiak
  • Real Estate Investor
  • Audubon, PA
8,349
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Steve Babiak
  • Real Estate Investor
  • Audubon, PA
Replied

This is the practice that the lenders use. That is one reason why we buy REO properties with all cash "no financing contingency" offers.

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