Post # 1
I’m trying to purchase a condo in NYC. I’m NOT working with a buyer’s agent, just the seller’s. This is the rule of the condo and I must comply.
My offer has been accepted, but now the seller’s agent has thrown me for a loop. They are saying that they’ll accept as long as I work with their preferred lender, rather than my own.
It’s a small bank, with – awful – reviews. I’m feeling pressured, and turned off.
Is this normal behavior? Can a seller dictate whom I get a loan from, and what is the benefit to them?!
Post # 2
- Wedding: September 2014 - Turf Valley
They could be getting throwbacks from the lender. I’ve never heard of sellers dictating from whom you get your loan. That seems so sketchy to me…
Post # 3
I would not do this. Very very sketchy.
Post # 4
jessicabear: I’m not a professional in this area at all, but this reeks fishy to me. Especially if the company they’re referring you to has horrible reviews. I would proceed with extreme caution here and somehow find out if they can legally reject your offer if you don’t use their preferred lender. It’s just a preferred lender, not a mandatory lender. They’re being awfully sketchy here…
Post # 6
Not cool. Total kickback situation.
Post # 7
NYC real estate is a different animal. FI’s parents bought a new place a couple years ago and had a lawyer helping them with things. That’s not the norm in most places (where people just have agents), but apparently that’s common in NYC.
Anyway, you should have SOMEONE representing your interests (agent/lawyer/etc.) and ask them for advice here. If the “rule of the condo” is that you can’t have anyone professional in the industry representing you, I would be out. I don’t even know if that’s legal.