Jeff Dowler, CRS, The Southern California Relocation Dude (eXp Realty of California, Inc.)

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Rainer
45,807
Andy Madrid
Hawaii Coast Realty, LLC - Kailua-Kona, HI
Expertise, Professionalism, and Service

I dont require it but I do prefer that buyers are qualified through a local lender and not some online only lender.  That being said, I see alot of them in one county in particular and I usually cross those properties off the list for my buyers to see because in my opinion it is a form of "steering".  I am happy for the listing agent to call my buyers lender and have a discussion with them though.

Feb 23, 2016 06:31 AM
Rainmaker
887,743
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

We've seen that with REOs for a long while now . . . and have also seen buyers pass over properties when they have a perfectly good lender already in place.

Feb 23, 2016 04:18 AM
Ambassador
5,357,905
Bob Crane
Woodland Management Service / Woodland Real Estate, EXP - Stevens Point, WI
Forestland Experts! 715-204-9671

We do require Pre Approval or proof of funds before accepting any offers.

May 25, 2019 07:33 PM
Rainmaker
4,059,843
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Typically it is not a requirement for me.   I have noticed this occurring in the agent only remarks of the mls for some listings though.  

Feb 24, 2016 08:42 PM
Rainmaker
1,380,453
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

Some agents say "Seller want all financing offers reviewed by lender XYZ."  If I don't know the lender, I'll run it through one of mine.  If it's from a "too big to fail" bank, I don't bother.

Feb 24, 2016 05:03 AM
Rainmaker
4,158,219
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Not something I am familiar with!

Feb 23, 2016 08:45 PM
Ambassador
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Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Jeff Dowler CRS if the offer is from an agent who I have worked in past or well-known, it is not necessary to cross-qualify. The letter speaks for itself.

Feb 23, 2016 03:28 PM
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Debbie Laity
Cedaredge Land Company - Cedaredge, CO
Your Real Estate Resource for Delta County, CO

Oh heck no. After a quick interview with any buyer I will send them off to my lender and she can do what she wants with them. Although a lot of my buyers come to me pre qualified. 

Feb 23, 2016 02:12 PM
Ambassador
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Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

I have not seen it with private sellers.  It's been common with REOs for years in my market and I have never had a buyer freak out over it.

Feb 23, 2016 02:00 PM
Rainmaker
4,174,578
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Not a regular sale.

Feb 23, 2016 12:09 PM
Rainmaker
223,669
LuxurySoCalRealty San Diego
Compass - La Jolla, CA
San Diego Partner - The Private Client Network

Counter one if the listing agent refuses my pre offer verbal suggestion 

Feb 23, 2016 11:16 AM
Rainmaker
597,169
David Gibson CNE, 719-304-4684 ~ Colorado Springs Relocation
Colorado Real Estate Advisers LLC - Colorado Springs, CO
Relocation, Luxury & Lifestyle residential

Jeff,
Some of the REO situations call for it but we are a small enough market that as long as they are using a local lender that is usually good enough.

Feb 23, 2016 09:58 AM
Rainmaker
140,568
Joan Dickie
Keller Williams Premier Realty - La Crosse, WI
Keller Williams Premier Realty

A couple of REOs but not a regular sale.

Feb 23, 2016 09:49 AM
Rainmaker
845,048
Andrea Bedard
Thompson Company, REALTORS® 240.593.2860 - Silver Spring, MD
Fluent in Real Estate and German * M.A. ABR ASP

Buyers tend to see a red flag when they hear about the requirement that they must be prequalified with the listing agent's/seller's preferred lender! I wouldn't require it for that reason and the fact that our contract state that it is the buyer's choice which lender to work with.

However, I have asked buyers to also contact a local lender (and given a list of 3) if they came with a preapproval from an out-of-State/internet lender who was not very responsive.

Feb 23, 2016 09:02 AM
Rainmaker
864,358
Les & Sarah Oswald
Realty One Group - Eastvale, CA
Broker, Realtor and Investor

It depends on a case by case. If it comes from a lender that I know I have had issues with prior, then a cross qualify is a must for me.

Feb 23, 2016 08:21 AM
Rainer
18,092
Annelle Tubb
Complete Home Inspections, Inc. - Brentwood, TN

 Cross what?

Feb 23, 2016 06:55 AM
Rainmaker
4,799,481
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

OK, pardon my ignorance, but what is cross-qualified?

Feb 23, 2016 06:36 AM
Rainmaker
640,067
Tony Lewis
Summit Real Estate Group - Valencia, CA
Summit Real Estate Santa Clarita & Aliso Viejo

I deal with offers on a one by one case.  It doesn't seem fair to delay an offer while putting the buyer through hoops.  Their offer can be countered if the lending information is insufficient or the lender unknown.

Feb 23, 2016 06:18 AM
Rainer
222,865
Bob Betel
Allstar Home Mortgage, Inc. - Sweetwater, TN
President, Allstar Home Mortgage, Inc

 Cross-qualifications?? Never ran across that here, but if I did, I would not want to be a part of that. It signals to me that the seller and listing agent are hard people to deal with.

Feb 23, 2016 05:43 AM
Rainmaker
846,020
Jeff Pearl
RE/MAX Distinctive / LIC in VA - Lovettsville, VA
Full Service Full Time Realtor

I only see it with bank owned. Wells fargo for example will require potential buyers to get pre-approved by WF, but buyer can still use a different lender. In some cases, it can't hurt to be pre-approved by 2 different lenders.

Feb 23, 2016 05:14 AM
Rainmaker
2,634,187
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Only if there is a red flag, or doubt. I look to the agent and their credibility as a factor. I want to believe that a good buyers agent took care of all this

Feb 23, 2016 04:46 AM
Rainmaker
634,272
Kathleen Luiten
Resort and Second-Home Specialist - Princeville, HI
Kauai Luxury Ocean Home Sales

We require pre-approval, not just pre-qualification.

Feb 23, 2016 04:22 AM
Ambassador
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Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

Yes. Absolutely. The importance is discussed with the sellers and it is added to my listing agent ... never acting unilaterally with this.

Feb 23, 2016 04:04 AM
Ambassador
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Paul S. Henderson, REALTOR®, CRS
Fathom Realty Washington LLC - Tacoma, WA
South Puget Sound Washington Agent/Broker!

I haven't had a problem as of yet

Feb 23, 2016 03:57 AM
Rainmaker
1,716,204
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg Real Estate

Cross qualified? All buyers here are prequalified & then the listing agent should check those quals.

Feb 23, 2016 03:56 AM