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I am in negotiations to purchase a short sale and the seller's realtor is telling me that a letter of preapproval from my lender is not good enough for the seller's bank - they want an approved mortgage up front. I have never heard of a mortgage being approved up front without the offer I presented first being accepted by the bank - and neither has my lender. The seller’s realtor has also asked me for other documents that my lender says she doesn't need. I think she is trying to stall and is being deceitful to try to get out of the deal because the seller received a cash offer after they accepted my offer and signed a contract with me. How do I get the straight scoop on what the bank is REALLY asking from me, the buyer? How do I deal with this realtor and get what I need from her? What do I do when a realtor is being untruthful with me? Thanks in advance for your help!

Update:

Added detail: The realtor is related to the seller...

Update 2:

My mortgage is preapproved, not prequalified.

Expert8675309 · Accepted Answer

Ok...the Realtor is lying to you.

NO MORTGAGE GETS A FINAL APPROVAL prior to contract....no mortgage...period...no bank, no underwriter, NOBODY does that.

Final approval is ONLY given with a valid, real estate contract, signed by both the sellers and buyers, title work finished, appraisal, finished, all income docs in, employment verified minimum 48 hours within a closing date....THAT is what it takes to get final approval.

My advice:  Contact the SELLERS directly that you are calling BS on this one and you are walking.

Further evidence of BS:  The seller's Realtor HAS NO CLUE what the bank will and will not accept...the listing agent has NO SAY in the matter and still works for the sellers, not the bank.

I would also report the listing agent to the Real Estate Commission of your state...she needs NO DOCUMENTS from you other than a pre-approval letter...NONE...it scares me what you may have given her.

How do you deal with these people?  GET YOUR OWN REALTOR...THAT CUTS WHAT THE LISTING AGENT MAKES IN HALF!!!!

bccrupert · Answer

I agree with Expert Realtor...these people are screwing around with you!!! 

No bank, lender, or mortgage company approves a loan BEFORE the sale and all the paperwork goes through!  I would stick with your bank and what they are telling you.  

I would also let this realtor know that this is sounding fishy and you are contacting an attorney to get further advice on your legal rights and responsibilities of this sale.  I would also try to contact the seller directly and let them know that their realtor is potentially blowing this sale for them by asking for things that simply can't be produced right now!

The way I look at it, money talks and BS walks!  If they want to play around like this, then take your money elsewhere.  They sound like they are trying to cover something up, or something just isn't right here!

Boots · Answer

http://www.mortgagemasterwa.com/prequalification_preapproval.htm

Are you pre-qualified or pre-approved for a mortgage. These are two different things. 

Can you get the number for the bank and call them yourself so you can ask them exactly what it is they want? 

If your financing goes through - it does not matter to the seller and their realtor if they get paid via a mortgage company by selling to you or by cash selling to someone else. The money either way is green and spends the same way. 

It stands to reason that the process would be more complicated when purchasing a short sale home.

her-wits · Answer

To be honest, I would have an attorney approach the bank to inquire if any additional paperwork is required. You will surprise how quickly the Realtor will stop playing games.

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