Dear REO Agent, Whose Best Interest Are Your Serving

As I pored through the listings today looking for homes for an investor of mine I saw this note:

Please note that Bank of America or Merrill Lynch pre-qualification is REQUIRED on all financed offers

Okayfine. Happens all the time on foreclosed homes owned by Bank of America. Except …

Current Owner
WELLS FARGO BANK NA

Can anyone tell me why Wells Fargo is requiring all prospective buyers to get prequalified with Bank of America? Or is this a case where the listing agent is making up his own requirements without the guidance (not to mention permission) of the seller in order to drum up some business for a buddy.

You are a liar, Mr. Listing Agent. What you are doing isn’t illegal but it’s unethical as hell.

Buyers … consider this before you pick up the phone to call a listing agent on a foreclosed home.

About Jonathan

Jonathan Dalton is a 30-plus-year resident of the Valley and has been helping folks buy and sell homes since 2004. He can be reached at 602-502-9693 or info at allphoenixrealestate.com.