Mandatory prequal from specific bank???

[Michael S.]

This morning I looked at a forclosure, liked it and submitted my offer at asking price with my mortgage prequal from Wells Fargo. I was just notified that I must get a prequal from another bank for my offer to be accepted. This absolutely infuriates me becuase I do not want unnessesary inquiery on my rcredit report. Is this even leagl?

[Steve Babiak]

This is the practice that the lenders use. That is one reason why we buy REO properties with all cash "no financing contingency" offers.