NMLS # 75615/465546
Also, you should not be communicating directly with the Listing Agent. You need to allow your Buyer's Agent to do their job.
Rodney Mason, NMLS #151088
Sr Loan Officer
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of mortgage lending experience.
Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203(k) Renovation (Streamline & Consultant) | HomePathÂ® | HomePathÂ® Renovation | HomeStyleÂ® Renovation | VA | USDA | GA Dream | Jumbo Financing.
There is no extra layer of security - use whatever lender you want as it is your option. If the agent decides to act unethically, call her broker and the GA real estate commission and report her
Jen and Mark Bowman
Keller Williams Realty
Keller Williams Realty Signature Partners
I hope you have an agent who represents you...
From what you describe, it does seem unprofessional on the part of the agent. The agent doesnt have the authority or ability to cancel the contract as the contract is between you and the seller. If it were me, I would stand firm. The agent is not allowed to steer you to a particular lender.
I hope this helps.
I understand requiring this extra layer of security. Realtors are dealing with a lot of supply and demand issues and are encountering multiple offers. If their preferred lender approves someone then they presumably know they are dealing with a well qualified borrower. If they don't know your lender from Adam then they may consider your approval less firm. Having you speak to "their guy" can give them the confidence that if your lender drops the ball, the deal could still be saved without starting at square one. That is the the thinking behind that.
With that being said, once you have complied with the pre-qual request you should be in the clear.
Just to clarify, are you saying that you actually have an offer accepted by the seller and the seller's lender? Or have you merely submitted the purchase offer and the agent relayed that you must go through the process before your offer can be accepted?? The stage at which you are at in that process could impact whether they are operating on the side of the law or not. Legally, a seller and/or the bank approving the short sale can approve or deny an offer for any reason they like (including requiring you to become pre-approved through their preferred lender). Once it is accepted in writing though, they cannot really add any stipulations. So it may be a case where they are operating within the law, although I wouldnt consider this ethical.
In either case, your Realtor should be advising you on this. And if you made the mistake of not having one, you should get some legal representation to help you sort this out.
Best of luck!
If you don't have an agent representing you, this is a good example of why you should have one in the future. Buyer agents don't cost a buyer anything since the commission is almost always paid by the seller.
Assuming you do not have an agent, we would need to see your contract before we can tell you whether or not the agent can do this. If you have a finance contingency, it often specifies the lenders you can choose from. If only her "buddy" is listed, then you have agreed to inform the listing broker if you have chosen a different lender and provide their contact information. Since it appears that you have done that, you are free to use the alternate lender.
You should have all the legal recourse that the law provides if the seller fails to live up to the terms of the contract.
If the listing agent attempts to void the contract without a valid cause, I would recommend that you contact the agent's broker (which will likely resolve the problem), but if you do not receive satisfaction, contact an attorney asap.