Best of Luck,
Century 21 Tenace
Some of us represent sellers and we would not be doing our job unless we vetted the buyers ability to close. A letter from the buyers lender is never enough. Although you sound quite solid,there are documents needed to ensure you can actually obtain your loan based on UW guidelines.
I dont know of anyone accepting kick backs nowadays....there are heavy penalties for doing such. However, the listing agent may have a preferred lender that he/she works with and believes in. They may be attempting to direct you to use this persons service, but you should never do so unless you feel you will benefit from this lenders services and programs.
The last thing a listing agent wants for their seller is to have a buyer cancel at the last minute because an issue is found with the buyers loan.
Again, it seems you are ok for now,but lets hope that they actually get the approval to short sale.
I would really start with the agent's broker...that can easily be determined by calling the agent's office and asking to speak with the broker.
If that doesn't get you what you are looking for, you can go to the local realtor association in your community.
Lastly, you can report the agent to the California Department of Real Estate in Sacramento., If you do this, please have real facts ready report rather than suspicions.
As far as your deal goes, if the seller accepted your offer in writing, the agent has no right to come at you after the fact. Your agent should just tell him or her that the deal is signed and leave it at that.
If you have nothing to hide, then let the lenders talk is my advice to you. If you are upfront, then they won't think there is a problem at all. I am always as transparent as I can be so things get handled properly.
Also, if you could buy the home cash, you could always show them bank statements (with your account blanked out as well.) You want the selling side to feel comfortable with your offer.
Joan Patterson, B.A, G.R.I., Realtor, License #01431647
Keller Williams Realty
Charles Ritz - Broker & REALTOR
Serving So. Cal.
That could be a copy of your loan approval from me or, perhaps, the Desktop Underwriting approval (with social security numbers blacked out).
Once that lender tells me what would make them comfortable, I would ask you, the borrower, if that is you authorized me to release to that information to them.
Communication between your agent and the seller's agent would be strongly advised, as well. The listing agent and the selling agent should be discussing this. Selling agent should be in the loop.
Whatever the case, my recommendation is before a report is made to the Department of RE, at the very least, go to lisitng the agent's broker/manager and get that person involved. It may be a situation where communication would best resolve the issue and no letters need to be written. No ill feelings during the transaction.
We have already sent this real estate agent 2 letters from our lender confirming our qualifications to by the home. What does it matter what he believes? Why should he have a say on what he can afford or not afford? According to our lender, our real estate agent, and the seller of the home, we are just waiting for approval from the bank for the short sale. Like I said, we have excellent credit and we can afford to buy the home cash. We are putting quite a bit more than the normal 20% down. Does he get some kind of kick back from the lender he wants us to use?
I wouldn't be outraged or put off by this action. As Jory stated, confirmation (documentation) from a buyer's lender typically accompanies an offer. Can't say I've submitted an offer for a buyer client without a lender's confirmation. Good luck to you!
The agent representing the seller wants to ensure that you will be able to obtain your loan and close as contracted. This of course should of been don up front, prior to entering into contract.
This is called cross-qualifying and is not uncommon at all.
At this point , I wouldnt freak out...rather, have your lender submit the cross qual package as requested, show you can obtain your loan and proceed to close...( They do have short sale approval,right???).
If they try and steer you to another lender, stay firm on your choice to work with your preferred lender.
We see LISTING that specify that the BUYER must apply to their Lender if we want to submit an Offer; they do have to necessarily use that Lender, but they want the opportunity to keep the Loan.
I can't blame them; this is probably good business.
If you call alienating the potential customer, "good business".
People are putting up with things that my generation would never stand for!
If you are already under CONTRACT, they cannot force you to do anything.
An alternative, would be to call that Agent's Broker, (or have your Agent do it,) and discuss this;
Dealing with a Bank is a lot different than dealing with an individual.
Submitting an application to that Bank is no-big-deal; you can choose your Lender later: In fact, it might be illuminating when you compare the GFE's.
Keep your eye on your ultimate goal; buying the house. Do what you have to.