Mortgage company too small to purchase a home?

Asked by Home Buyer NY, New York Thu Jan 3, 2013

I have found a foreclosed home that I made an offer very close to asking price. However, my real estate agent said that the seller (bank) does not want to take my offer because my mortgage company is not a large bank, it is too small to deal with. Is this a common practice? My real estate agent wants me to deal with national bank only. I have been already pre approved with my mortgage company with a very low interest rate. I don't think my real estate agent is protecting my interest. Is this a common practice?

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Home Buyer NY, Home Buyer, New York
Fri Jan 4, 2013
Thank you all for extremely helpful comments, it made it easier for me to make a decision about my real estate agent.
1 vote
Tim Moore, Agent, Kitty Hawk, NC
Thu Jan 3, 2013
I have never heard of such a stupid statement, but then I have only sold real estate for 25 years and must still be learning. The bank owned home will be transferred at the closing and the current bank owner will be GONE. What do they care who loans you the money as long as they do.

I hope you are dealing with your own Realtor (buyers agent) and not the sellers agent. If you are, get your own because that is just the dumbest thing I ever heard. Now, if you said the bank (seller) does not want to deal with some Internet lender, I could believe that. The internet lenders are often flaky and can't deliver what they promise and are best avoided.
1 vote
Antonio Sanc…, Agent, Bronx, NY
Sat Jan 5, 2013

I am an active real estate agent with the number 1 real estate company in the Bronx and I have access to any home that is for sale in the Bronx. I would be happy to work with you and go over some important details that home buyers should understand before beginning the home buying process, please give me a call so that I may go over these important details with you.

Antonio Sanchez
Exit Realty Search
Licensed Real Estate Salesperson
3928 E. Tremont Avenue
CELL: 347-320-0673
FAX:    347-202-4966


0 votes
Mildred Vale…, Agent, Bronx, NY
Thu Jan 3, 2013
Very good points hear from Realtors, not only look at Trevor's and Mark's comment. Get the facts there the Bank. At times from past experience the bigger banks are the ones that take longer, pretty much your treated like a number not an individual.

Have you signed a Buyers Agreement with this Realtor, I suggest you shop around, you have the right to go with any lender. I have never herd of such........ Give one of these Lenders below a call, they have very good working Ethics.

Best of Luck!

Millie Valentin
Exit Realty Search
3928 E. Tremont Avenue
Bronx, NY 10465
cell: 646-957-4648
0 votes
Bruce McInty…, Agent, Bronx, NY
Thu Jan 3, 2013
Not at all. Every now and then you will have a seller make a request as such. but do not let it discourage you. If you need any more assistance please call me.
0 votes
Anna M Brocco, Agent, Williston Park, NY
Thu Jan 3, 2013
You are free to work with whatever lender/loan officer you wish, regardless the size..,..
0 votes
, ,
Thu Jan 3, 2013
Good morning Home Buyer NY,

That is the most ridiculous statement. Neither the Seller nor the Realtor get to tell you a Lender is not big enough.

Your reply to your Realtor: "Tell me when they accept my offer and send the contracts to my Attorney." End of discussion.

Remember, in New York State, unless you sign an Exclusive Buyer's Agency Agreement with a real estate agent, the agent must represent the Seller's best interests, not yours.

Lastly, I'd have your Mortgage Loan Originator from your Lender make a phone call to the Realtor to assure the agent your Lender can get the deal done in a timely manner. Fact is, Local Mortgage Bankers provide a much higher level of service than any national Lender could ever aspire to.

Stand your ground. Get your mortgage financing from the Lender of your choice. Buy your house.

Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
0 votes
, ,
Thu Jan 3, 2013
You should be able to go to which ever bank you choose. If anything, the bigger national banks take much longer to close and their communication and service is at a lower level than a mortgage bank or broker.

I would recommend having your banker speak with the realtor or seller to help give them reassurance. Best of luck!
0 votes
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