Want To Buy A Condo Selling On Short Sale, But The Seller Signed Agreement To Use Mortgage Broker. What To Do?
I am renting a condo that the owner is short selling. I want to buy it, which she is willing to do, but she has signed an agreement with a Mortgage Broker, which she says obligates her to use. I have qualified for a loan through a preferred lender, so I don’t need to go through this Mortgage Broker. I don’t know what to do. Am I obligated to absorb this Broker’s cost, or is that between the seller and the Mortgage Broker? Can I walk in with my own funding, or cash? Please help!
It is really common for the sellers bank to require you to qualify under them. You can not “walk in” and refuse to do this, they won’t even accept your offer. (the bank)
However, while they can require approval, they can NOT force you to use them as your lender, you can use whoever you want. You will have to pay for any fees associated with applying for both loans.
Comment by Michelle — November 18, 2009 @ 10:08 pm