RE: Legal? Ethical?

From Realtor Jeff Duffey:

“Sellers can – and do – set ridiculous requirements like this and it is their right to do so. If they reject a buyer because they were not preapproved through the bank of the sellers choice then their home sits on the market. Also keep in mind they are not requiring the buyer to PURCHASE the home using Wells Fargo they are simply asking that any buyer be PRE-APPROVED by Wells Fargo before accepting an offer on their home.

It has been my experience when I see a request like this that the house is typically either a foreclosure or about to be foreclosed on. So Wells Fargo probably owns the home or is in negotiations with the delinquent owner and wants to make sure the buyer can actually qualify for the funds before accepting an offer.”

Innnnnnteresting.