Second. Are you dealing directly with the listing agent on this property? If so then you're really not getting 100% representation. He is required to also "disclose" to you that he is working as a dual agent. He "must" disclose that to you by this point.
Third. He cannot demand that you use his mortgage broker and he cannot tell you what you need to put as a down payment. As long as you qualify and you can present a pre qualification letter from a lender of your choosing then you're good to go. In many cases they may request that you speak to their lender of choice just to get a 2nd opinion, but you are not required to use them.
If you still have these problems dont hesitate to contact his local board of Realtors and speak to someone in Professional Standards.
Builder use incentives to entice you to use the mortgage company they own but they can not require that you use them. The same holds true in this case. They can not require you use one of the 3 bankers he is suggesting. I suggest you higher an agent to represent you and provide them with a solid pre-approval from your mortgage lender and see what they say.
If you really want this house, I would hire a buyer's agent to negotiate this transaction. Either way I would file a complaint with the Lansing reality board, the attorney general and CitiMortgage.
My name is Cathy Hallow, and I live in Lansing and I am a Buyers Agent. I have been a Realtor since 1993 and I do sell alot of Foreclosures. I worked for ReMax for 18 years and now I am with Realty Executives.
As a Buyers Agent I work just for you, and will help you get the home at a fair price.
I can help you out, please call me 708-710-5374.
Also , many times the bank owned will insist the buyer pre-qual with a preferred lender, but the Buyer can use whoever they want to finance the home.
So give me a call or e-mail me at firstname.lastname@example.org
We're under the gun as we only have 30 days to find a place per our relocation package and I've been looking online for weeks now and have researched the areas and found a good site that tells crime statistics, demographics, polluters etc. We've greatly narrowed down the areas we want to look in and Lansing seems very safe.
He drove by the house all different times yesterday and evening and people seem comfortable walking after dark in the neighborhood.
The house also appraised for $60k more than the bank is asking, yet the other houses there are still in the $100's or higher. There was no mold and it is a brand new listing REO. We really do like the house and see it as a good investment.
We will definitely be reporting this realtor to all sources mentioned. Now we just need to find a buyers agent.
Unfortunately, my fiance' will be all tied up with work the rest of the week and has to fly back here Thurs night. and won't be back in Illinois til we move the end of the month.
Thanks again for all of your comments and help! It's much appreciated! If anyone is a buyers agent in the Lansing, IL area please contact us here!
Sometimes lenders who own properties do impose seemingly odd or harsh requirements. But you really shouldn't be directly involved in that. Rely on your own Realtor.
And if you can't get around the agent (50% down? Wow!), look for some other properties.
Hope that helps.