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There are some occasions where the Seller agent requests that the Buyer be pre-approved by their lender. However, in my experience in the greater Boston metro area, this is not the common practice and overall, it would be "illegal" to force a consumer to choose a specific lender to get their financing. I've seen Buyers be personally offended and perhaps disrespected when there is a request for a second pre-approval since the Buyer believes they have already, in good faith, been pre-approved by a lender or mortgage broker. What if you tell the Seller agent "no, we will not comply with this request, do you want the offer or not?" You could do that and stand firm.Situations where I've seen a request for a "second opinion" for a pre-approval letter are typically with:*short sales*foreclosures*new construction*random Seller agent requests on behalf of their clientHope that is a helpful addition to this thread and your question. Best luck!
In Hawaii, that is unusual for a normal sale. I have seen that done with new projects that have a "project" lender or with REOs. The seller must have had a bad experience and just wants a buyer to be prequalified with a lender they trust. If you want the home, I would recommend you go ahead an get prequalified with their lender. You don't have to use their lender - they just want a second opinion.
There are times when a listing agent will want to verify for their sellers that the buyer submitting the offer is truly qualified and that the loan will close. It is a safety measure that some agents ask that the buyer get preapproved with a lender they are familiar with. Some banks have reputations of having loans fall through, delays upon delays. It is not an insult, it is simply the agent knowing that some lenders don't always get the deal done and they are protecting their sellers best interest.
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