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Pre Approval by Same Bank Selling Property

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  • Pre Approval by Same Bank Selling Property

    I am trying to determine if it is illegal or unfair business practice for Bank of America to require mortgage qualification Preapproval before accepting an offer on a repo property. Public record shows US Bank as owner but paperwork shows Bank of America as the seller. My son is making the offer and has been preapproved by USAA for a VA mortgage. Bank of America will not consider his offer until they preapprove him. Seems to me they are attempting to know his finances so they can push the negotiation on price to the max. Any thoughts or comments would be appreciated.

  • #2
    Re: Pre Approval by Same Bank Selling Property

    I wish to inform you that the bank may require mortgage qualification pre-approval. It is a more detailed process than a pre-qualification. Predatory lending is the act of approving loans for borrowers in which the lender knows that the borrower can not repay the debt. Requiring mortgage qualification pre-approval is not an act of predatory lending.

    AFF

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    • #3
      Re: Pre Approval by Same Bank Selling Property

      It is permissible for them to require what they choose to require, prior to selling a property they own. I could require the same thing if I chose to, before selling you a dilapidated car. Your son is free to decline and buy another property.
      Due to a recent promotion, I should now be referred to as Major Obvious.

      I would not be trying to provide information and knowledge if I did not sympathize.

      Some days it is just not worth chewing through the restraints to face life.

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      • #4
        Re: Pre Approval by Same Bank Selling Property

        I appreciate the feed back. Just for clarity, I'm not questioning the requirement for pre-approval only the requirement to be pre-approved by a specific bank, in this case Bank of America that is also the seller. USAA is a reputable bank and will make the mortage loan, whereas, Bank of America may not qualify him for a loan.

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