Cross Approval Lending Practice

If you are considering a real estate purchase in today’s market, you should be aware of a potentially damaging process to your credit score that has come to our attention.  After some quick maneuvering we have been able to solve the problem for our clients.

Sellers of many bank owned properties (banks and asset management companies) are requiring buyers to be cross approved* for their loan, prior to looking at an offer for the property.  In some cases the buyer’s offer ends up not being the highest or best and is not accepted.  The buyer would then proceed with a new offer on a different property and repeat the same process again, quite often making several offers before finally getting their offer accepted by one of the banks.

We found in many cases, cross approvals are causing the buyer’s credit report to be pulled, potentially reducing the buyer’s FICO score each time this happened.

We have made an alliance with a reputable lender to cooperate with these bank required cross approvals and avoid the repetitive pulling of credit reports thus protecting your credit during the buying process.

If you would like to know more about the process have questions or comments feel free to let us know.

If you or someone you know is thinking of buying real estate we will always have your best interest, first and foremost.

 *The practice of using the seller’s trusted lender to pre-approve the potential buyer is to give the seller comfort that the buyer is actually able to perform and complete the transaction.  This practice has come about as a result of sloppy lending approval practices.  Choose your lender wisely!

More information on our Apple Valley CA Real Estate site about Shopping for a Loan

For your entire Apple Valley CA Real Estate needs: visit our web site at http://www.RealEstateAppleValley.com