BoA REO purchase Requiring BoA pre-approval???

[Ali Young]

I found a Bank of America REO that is well below market value and want to put in a offer on it. Long story short BoA is requiring that they per-approve before my offer can be accepted. Does anyone have any idea why this is a requirement and I have an existing per-approval from a different institution. I stopped doing business with Bank of America in 1999. Is there a way around this requirement?