Absa
Why do they approve a home loan without valid OTP?

I signed an offer to purchase (OTP) on a property and applied to the different banks to see what home loan offerings were available. Got feedback from ABSA that they already approved a home loan on the same property in the name of another person. Followed up with the estate agent, they did what they call a follow-up OTP, which would be valid if I didn't succeed in obtaining a home loan. This other person submitted her application, which got processed before mine, although I've got first option! This is stated clearly in the other OTP and, according to the agent, the other person didn't even have a signed OTP yet when she submitted her papers! The signed OTP is listed as required documentation before you can apply for a home loan. How on earth did the other person get a loan approved without this? And even if she had it, why did nobody read it and note the clause which stated that I had first option? Now I have to get a home loan approved elsewhere, and once I can prove it then I can get the other OTP declared invalid, and only then can ABSA provide me with a quote! This whole process points to some serious irregularities on ABSA's part.

Company: Absa
Country: South Africa
City: Home loans

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