Buying A Home
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Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Lender discrimination
We put down an offer on our dream house today.. YAY!!! They have until 5pm on monday to accept it. The seller's realtor has not yet presented the offer to the sellers (according to our BA, she will tomorrow), but our BA told us that the first thing the seller's agent asked was if we could get a preapproval from another lender that was local, instead of the online lender that we chose (Quicken Loans). Can they do that? Can they base an approval on the lender that we choose? Do you think they just want another preapproval, but will still let us go with the lender we want? Anyone else ran into this? This whole process is just getting started and I'm already growing more gray hairs!
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Re: Lender discrimination
They absolutely can, and as a seller, it's often a good idea to.
We once got an offer when we were selling that our agent called us and said, "You got an offer and the price's not bad, but I am strongly advising you not to accept. This lender has a horrible reputation." And when your agent who's been working in town for 30 years tells you a lender's shady and that these people likely can't get a loan if this is who their preapproval is through and that the deal will far apart, you listen.
They may be thinking that same thing about you, "what is this online business?" I know it'd make me raise an eyebrow and I'd want to see another preapproval. Go with whoever you want for the actual mortgage, but as a seller, I want to know that a real live human at a brick and mortar bank thinks you're qualified, not someone hiding anonymously at the end of fiber optic cable.
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Thinking of doing cosmetic updates to a dated home? These were our costs.
This is actually pretty common. Esp now with all the shennanigans lenders were up to a few years ago - people aren't taking chances these days.
Look at it this way - they are taking their house off the market for you meaning it will be unavailable to other potential buyers. This is a risk to them and they want to make sure you're qualified, legit buyers.
Often they'll just ask you to get preapproved through a trusted lender, but you may fund the loan with lender of your choice.
Buying a home is a stressful process - hang in there!!!!