Often, as others have indicated, it is to verify the pre-approval status (has ANY information been confirmed) and if the company on the letter head really exists.
It is highly unlikely the agent requested the TERMS to be changed.
That simply can not, and did not, happen.
As the text below explores, the question "Can the limit be raised to ???" could have been asked. However, the lender, your broker, CAN NOT DISCLOSE THIS without consent.
Let's pretend you are attempting to purchase a short sale. The listing agent advised regarding the following:
1. The listed price is $150K and that is a very attractive price.
2. Trulia states community average value are $220K
3. Comps show values at $180k
4. The appraisal will come in at $167K.
It is very likely the bank will counter at a value near, but like slightly below $167K.
I would say, "Dear buyer, are you able, should the bank counter at $167K, to raise your offer from $150K to $167k?"
If you say no, your offer is rejected completely.
If you say yes, I work hard to get the home at $150K, but it's still a great deal of $167K and you must be willing and ABLE to complete the deal. And, dear buyer, I will verify this ability.
Of course i MUST confirm via your lender that you are qualified at $167K. Additional information such as does the lender have in-house underwriting and assessing their 'track record' of meeting closing dates and gaming appraisals are all IMPORTANT and could prove detrimental to your situation and result in a No Sale six months later or kicked to the curb today.
If you are unable to increase if necessary, your offer is rejected.
If unable to allow me the opportunity to confirm, your offer is rejected.
Note, the scenario above is regarding a short sale.
If this makes a buyer uncomfortable, a short sale may not be a good choice.
Best of success to you.
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
1. Whether the seller's agent wrongfully interferred with your contractual relationship.
2. Whether you suffered damages.
More information is needed to answer your question, and now you know the direction to steer your inquiry.
Sohail A. Salahuddin | Founder
IPC Group | Sales and Leasing | Residential and Commercial
Jameson Sotheby's International Realty
425 W. North Ave
Chicago, Il 60610
312.437.7799 | cell
312.335.3235 | office
847.805.6030 | fax
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Best of Luck,
Century 21 Tenace
Your lender should not discuss any of your financial information with anyone except the people you have given them written authorization to do so. If they did, I would recommend changing lenders as they are violating your privacy rights.