(Closed) Being pressured by seller's agent to use their mortgage broker – help!

posted 4 years ago in Home
Post # 2
Member
1418 posts
Bumble bee
  • 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
Member
1188 posts
Bumble bee
  • Wedding: February 2014

I would not do this.  Very very sketchy.  

Post # 4
Member
628 posts
Busy bee
  • Wedding: August 2017

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 # 5
Member
4238 posts
Honey bee

 

Get your own financing.

 

 

Post # 6
Member
7371 posts
Busy Beekeeper

Not cool. Total kickback situation. 

Post # 7
Member
9286 posts
Buzzing Beekeeper

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.

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