I am in the process of placing an offer to an REO house. However before I can submit an offer, I have to be pre-approved by the bank which owns the REO house. Even before I know that my offer is within an acceptable value, I have to fork over to the bank's credit report company $28. If I then find another REO property owned by another bank, I have to again get another pre-approval from that bank and again fork over money for the credit check. This seems quite unfair and I should be told ahead of time that my offer is reasonable and in the top 3 offers received by the company. Instead, every new REO property that I wish to place an offer requires a pre-approval. This seems to me another way to generate money for banks and credit companies which banks own and rip off people seeking to place an offer. Why don't banks trust other banks so once I get a pre-approval, I don't have to go through this process again and again.
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