Jeff, Banks are requiring this on their foreclosed properties, and now some of them are putting in their listing that your need to call a certain loan officer for that bank. I'm a realtor also and think this is steering. If your lender has already had you fill out a credit application and you can supply this to Wells Fargo they should not need to pull your credit again. Your lender and you will have to agree to supply WF with a tri-merge and your credit application. If an agent required this we would be fined. This is not only true with foreclosures by some builders are also requiring this same process. True you do not have to use them, but they are also trying to get you to switch to them. More money in there pocket. Realtors need to remember if we have a buyers rep, we work for the buyer and if not buyers need to understand we work for the seller.

It's the banks way of controlling the market.

Jeff,
You would think more banks would do this, but the lending dept is different than the foreclosure department. The only time I see this is typically with Wells Fargo. Due to the number of problems with people not being able to close loans they want to control the entire process if they can. They would also like a shot at the business if they can get it. No harm in getting prequal with WF, so they can see you can actually buy the house in their opinion. That's just the way they work. If you want the house you have to play by their rules. If you do you might be able to get a super deal. This is SOP with Wells so they are no singling you out in any way. They may recommend a specific loan officer, but do not typically require that you use one or another. Any WF prequal should do. Just find a branch and walk in. I've been provided excellent service by Frank Ramirez the branch manager in Colleyville WF 817-521-2467. Call him if you need assistance.

Hi Jeff, Most foreclosures & relocation companies will require that you prequalify through them. It does not require that you use them for the mortgage. They are wanting to protect themselves against buyer fall out. In other words they want to be sure that you are in fact able to qualify before taking the home off of the market. That is certainly understandable, especially in today's market place. it is not personal to you. They will reuire the prequalification from everyone.

Diane
817 832-6111
Diane@DianeFlynn.com

Jeff,just a formality,Countrywide sometimes does the same thing,Your realtor shouls of handled that prior(if ya had one) but it takes no time and your not obligated to use WFB Let me know if you have problems.Jeffrey.Perkins@wellsfargo.com tell him TJ sent you he is very helpful,and will clear up any ?'s you have.You better get a REALTOR up there to help you.

Regards;

TJ

It sounds like you're dealing with a bank-owned home (REO) rather than a preforeclosure (short sale).

In the case of REO's, Wells Fargo always demands a prequalification letter from a Wells Fargo affiliated lender. This should have been disclosed to your realtor at the outset. You do not have to get your loan through Wells Fargo, but you do have to get prequalified through them.

Why? Because it makes it easier for the asset manager (the person in charge of the REO file at Wells Fargo) to review your qualifications and decide whether to sell this property to you or not. Without a Wells Fargo prequalification letter, the asset manager would need to gather sufficient info to have you prequalified by her office, which would take a lot more time than taking care of the prequalification yourself.

Get yourself a Wells Fargo prequalification letter so you can move forward with this transaction. You don't need to use a designated person at Wells Fargo, or even a designated office. Anyone who is either with Wells Fargo Mortgage or with a mortgage company who is a Wells Fargo Affiliate will suffice.

Hi Jeff,

Wells Fargo can require you to be pre-qualified through them, because it is a foreclosure and they want to be sure you are qualified with their standards. It is usually due to others who have been "qualified" through another Bank or Mortgage Broker that later falls through. I hope you have your own Buyer representative (Realtor). They can help you through the process and if you have questions direct them to Him/Her. When purchasing a foreclosure all the pre-requisites must be met prior to submitting any offer. Be Aware also Pre-Qualification and Pre-Approved mean different things with different Banks. A Buyer may also have a deal fall through because they have gone out since Pre-Qualifying and made a big purchase (ie.. furniture, car etc...) this would interfere with their credit scores and when the final days of closing come along they all of a sudden don't qualify anymore. Call or email me if you have any other questions.

I agree with Dennis.
Do not go alone. Get a buyer's agent.

Contact any well fargo loan officer, you do NOT have to use a specific one.

This is very common for the bank holding the loan to require buyers get approved thru their bank. You do NOT have to use them for the loan though

Hi Jeff,
It is very common by banks these days selling their foreclosures to ask that one of their "own" qualify you. They don't mean that you have to use them to buy the house. They just need to check you out to make sure that the lender you are using is not just qualifying you but that you can indeed close on the deal.

Also, it doesn't have to be the that particular loan officer from Wells Fargo, if you can't reach him, just go to any other Wells Fargo place. You Realtor should be able to help you with that.

As I said, it's very common by most banks these days. I'll be happy to help if you need assistance.

Naima
214-289-8555
Naima@Sumner-Realty.com

Jeff,
You should get a Realtor to represent you during this transaction. "Short sales" are a very tedious process and require patience and lots of communication between several parties. The current mortgage holder wants to insure they are getting a reliable purchaser, as they must justify to their investors why taking a small hit now will be a wise choice. Get an experienced real estate broker to represent your interests!

Good Luck,
Dennis