Posted by Bill H on June 24, 2006 at 22:00:51:
nt
Country Wide Pre-Qualification for Investors - Posted by LK
Posted by LK on June 23, 2006 at 07:11:32:
Country Wide now has a requirement (effective June) that the purchaser of their REO property must pre-qualify with their loan dept before they will sign the contract. I sent in an approval letter from my bank and their addendum which said nothing about it and found out 2 weeks later that they had this requirement. It is supposedly to prevent investors with bogus approval letters form getting almost to closing with no loan. I think it?s to get them more loan business.
Re: Country Wide Pre-Qualification for Investors - Posted by Les
Posted by Les on June 23, 2006 at 12:16:44:
I don’t think it is to get more biz. You will
find out when you have a property to sell. why would
you have it tied up with someone that can’t qualify for
a loan?
Re: Country Wide Pre-Qualification for Investors - Posted by LK
Posted by LK on June 23, 2006 at 15:59:28:
If that is not the reason its sure a nice benefit. I understand the policy and think it is a good idea, but they did not disclose it at all until 2-3 weeks into the verbally agreed upon contract.
I just wanted to inform other investors that may not be aware of this new requirement.