Lenders as Sellers Don’t Necessarily Have to Lend to Sell

avatarthumbnail.jpgIt’s a question that has been asked in a few different homes over the last several months: on a Phoenix bank owned home, where the lender is acting as the seller on the property, are they also going to be providing the financing the purchase?

Simple answer: only if you really want to use them.

There are some lenders that will require you to get pre-qualified by one of their loan officers before they’ll consider an offer. Once you’re pre-qualified, however, you’re free to use whatever lender you choose. And as often as not, you’re better off shopping around to find the mortgage lender or brokerage who can get you the best deals.

Some lenders will offer a free credit report and/or appraisal if you use their people for the loan affter getting pre-qualified; whether that’s enough to offset what could be a less than favorable interest rate is another story.

From at least this standpoint, consider the lender as a seller to be like any other seller … just another entity trying to sell a house.

[tags]Phoenix real estate, bank owned homes[/tags]

Jonathan Dalton

Jonathan Dalton is a 40-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.

1 Comment

  • Jim Little 9 years ago

    There are also som lenders who won’t finance the REO of their own

Comments are closed.