I got a call from one of my Realtor friends today.
“What these REO departments are doing now might be crossing the line… listen to this!”
He proceeded to outline a situation that he is currently in the middle of.
“I have a client who was pre-approved to buy a property through their lender. (lender A)
The client found a house that is owned by another lender (lender B). Lender B also owns a mortgage company. The property has multiple offers and the lender is considering all of the offers. The bank who owns the property (lender B) just called me and said:
“Hello, this is so-and-so at lender B. Thank you for submitting your offer, as you know, we have received multiple offers on this property and your offer is one of the top ones for the property. The reason for my call is I was just checking to see if your client would consider using our mortgage company?”
Sounds strange to me. Of course, it could be completely innocent… and maybe someone out there could give me a good reason that a lender would place such a call that isn’t “duh, so they can get a new loan!”
Illegal? Probably not, but I am not a lawyer.
Unethical? I don’t know if I would even go that far.
Fun to watch?
You have to have at least a small sense of humor nowdays if you are working in the Real Estate business.