r/realtors • u/EdgeFront4432 • 2d ago

Advice/Question [ Removed by moderator ]

[removed] — view removed post

0 Upvotes

50% Upvoted

8 comments sorted by

•

u/realtors-ModTeam 2d ago

All legal questions should be asked of your attorney or broker that are familiar with the situation and all tax/accounting questions should be asked to your accountant.

7

u/funkymonk64 2d ago

It’s fair to check with the lender regarding the buyer’s pre-approval status. Totally bush league to request a “cross-qualification” with their preferred lender. They can fuck right off with that

4

u/Illustrious-Fig5318 2d ago

You should get a preapproval letter instead of preqaul. Its good to be checking on the borrowers ability to borrow. You should vet whether the lender is good. But no, you should not push them to your preferred lender.

3

u/Poster_Nutbag207 2d ago

lol this is just a scam to try and get you to use their preferred lender. What bullshit I don’t know if it’s legal but it’s definitely unethical in my book

3

u/Aaron_Kendall 2d ago

Trying to get a buyer that you have no relationship with to leave their current lender and enter into a relationship with your preferred lender into a mini ARM loan is a really bad idea. "The seller wouldn't sell to me unless I used the listing agent's lender, who trapped me into a loan that shoots up a year after I bought the house, and now I'm facing foreclosure". That lawsuit writes itself.

1

u/AutoModerator 2d ago

This is a professional forum for professionals, so please keep your comments professional

  • Harrassment, hate speech, trolling, or anti-Realtor comments will not be tolerated and will result in an immediate ban without warning. (... and don't feed the trolls, you have better things to do with your time)
  • Recruiting, self-promotion, or seeking referrals is strictly forbidden, including in DMs.
  • Only advise within your scope of knowledge and area of expertise. The code of ethics applies here too. If you are not a broker, lawyer, or tax professional don't act like one.
  • Follow the rules and please report those that don't.
  • Discord Server - Join the live conversation!

I am a bot, and this action was performed automatically. Please contact the moderators of this subreddit if you have any questions or concerns.

1

u/ecubed929 2d ago

If they did not disclose the spousal relationship through an AfBA disclosure and prior to the referral, it is a RESPA violation.

1

u/tuckhouston 2d ago

This is very common and not illegal, especially if it's an institutional seller they always require buyers to get pre-approved with their lender to ensure financial ability to close