There is a lot of risk in this cases. We had one recently where our buyer felt comfortable using "his guy" because the rate was good. We were okay with that but asked to see the good faith estimate a few weeks before closing. There were 3 points on the loan which added up to more than $5,000 thousand of closing costs !!!!! No wonder the rate sounded good. Fortunately, we had enough time to switch to someone we recommended where the rate ended up about the same, but without 3 points !
Hats off to The Somers who saved our buyer more than $5,000 dollars. If that is caught too late, such as the settlement table, there is not much that can be done.
Thus, I would be careful with the bait and switch per se. Just go with a reputable bank from the beginning or just listen to your buyers agents recommendations. Offering and receving, as someone else said, are two totally different items.
Good luck with your purchase !
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