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bunnymuny | Should I disclose details about my pre-qualification for a home loan to my realtor?? |
(i.e. she has asked me to name my lender, asked me about points, and the amount and rate I have qualified for) I can think of some pros and cons regarding disclosrue of this info.... |
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rosettasellsrealestate
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Okay. First things first.
Do you have signed Buyer's Representation paperwork with this agent? If you do then yes! you should share your information. Not all the little itemized details, mind you. But at the very least the dollar amounts you qualify for. Realtors do not want to waste anyone's time--it is a very precious commodity we can scarce afford to lose, much less waste!!! Any Realtor worth their salt will want you to be qualified. This is a professional business. You will have to prove qualification to your representative/agent before they will allow themselves to invest their time and energy into you and your property-hunt.
When I take on a new client I want to know their qualification status: I ask for a pre-approval letter. Are they currently dealing with a lender? If so, whom? Do they have documentation regarding their financial ability from the company?
Most home buyers know they should get a mortgage pre-approval letter from a lender before they begin seriously shopping for a home. With that letter in hand that is all the Realtor/agent needs to know. They need to know you are qualified.
When I take on a new client if they are pre-approved, awesome!! If not then I recommend to them that they contact a local lender to see for what amount they qualify. I do not ask their financial statistics. I have other things to do with my time as that is not my niche area of expertise. I help to buy, sell, lease, rent and/or manage properties. Not qualify my client for their home loans. That I leave to the mortgage experts. Especially in this market. Numbers, loans and subprime updates changing as we type.... That is best left to the experts. They can provide me with documented proof of the buyer's ability to qualify and pay for a loan.
Then we are okay to buy if they are Ready & Willing---Only once the lender lets us know that they are Able. Unless they are buying CA$H. Then different story!
Now remember not every licensed real estate agent is a licensed Realtor. Realtors adhere to a different standard/code of ethics. We belong to organizations that hopefully enable us to perform in the ideal. I know I strive to each and every day as I wear my R-logo with pride.
So then again: If you have documentation in terms of representation then why not?! If not then it is your prerogative. By the way if you do not have signed agency with this agent then remember they technically work for the sellers, not you. A Buyer's Agent is free. They are paid when you purchase a home and the deal closes. Their compensation has already been negotiated with the seller via the seller's agent as they receive a pre-determined portion of the commission. Get yourself a buyer's agent as soon as possible if you are dealing with the seller's real estate agent-meaning their name/face is on the sign. You want someone representing you. And your interest. Someone who does not have a fiduciary obligation to another. You come first and your interests come first.
Good luck my friend.
Get representation.
And an impartial attorney. |
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CHARITY G
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Yes. But never, ever, never tell anyone the full amount you are qualified for unless you need that full amount to purchase the home you are looking for . . . For instance, if you are qualified up to 200k, tell the realtor 180k. |
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markf_07
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be open with your realtor especially if they have your best interest at heart. If you don't trust your realtor with giving them information would you trust them to handle one of the largest decisions of your lifetime. Im a real estate agent myself any questions e mail me |
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Tim W
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You should not hesitate letting your Realtor know that you are pre-qualified and for how much. The inquiry about your points and rate is not really their concern, although, they may know of a better rate you could get. It never hurts to keep your options open.
good luck. |
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frankie b
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Yes, you could be getting screwed and not even know it. Have her take a look. Also it is all part of what goes into a purchase and sales contract so she needs to know. |
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meltzie
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This sounds pretty normal to me. She is probably trying to make sure you will qualify and for how much. That way she knows what properties to show you and how much negotiating room there is. She may also work with a lender and may be trying to figure out if she can get you a better rate. Bear in mind that there's usually a kick back to her if she sends business to a lender she has an "agreement" with. |
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my_son_wants_to_know
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Yes and you should have to provide her with a pre-qual letter. She has to be sure you are not wasting anyone's time by shopping and making offers without a lender secured. She is there to help you. If you are not comfortable with her knowing this information maybe you need another realtor. |
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♥ Love Monkey ♥
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Although it is important to keep your financial information personal, you have 'hired' a professional to act as your spokesperson in a financial decision making process. A real estate licensee has the fiduciary responsibility to work in your best interests. They are accustomed to knowing what their clients are able to purchase. This saves him/her alot of time, trouble and gas finding you a home you are able to buy. Most Realtors won't take you to homes without first seeing you are able to buy such a home. Imagine being a seller and the Realtor was running people through your house that didn't have the available funds to buy it!
Your financial institution has done this thousands of times. Ask them to fax over a copy of your loan amount on their letterhead. A Realtor (look for that 'R') will keep this information in the utmost confidence.
Good luck and Happy Househunting |
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angelguide
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Yes it is okay to disclose this info to the realtor.Sellers usually want to knowif the buyer is financially able to purchase the property.When you are ready to make an offer,a letter of prequalification presented along with it shows the seller good faith and boosts your chances of the offer being accepted.
I know many realtors refuse to show properties unless you are prequalified it saves time and effort for everyone involved. |
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glenn
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At least in Texas the standard contract has to be filled in showing the interest rate and all the particulars about the loan. This is required if you are making the home purchase subject to the loan.
Most sellers will not consider your offer unless you have a letter from your lender stating that you can get a loan as described within the contract.
You should get a buyers agent that represents you and that you can trust. Someone that is competent and knows how to make sure the contract goes thru.
Every loan officer I have ever run into that refused to call me back also did not communicate with the buyer so we never knew what was happening. Think about how horrible that is as a buyer when you are going thru one of the most stressful times in your life.
A loan officer should be able to give you regular updates, assuring you that the appraisal came back OK and that all indications are that you will still be able to close on time.
Think about what it is like for the seller when they are also trying to buy a home and depending on your closing happening on time so that theirs can close on time.
If your real estate agent and loan officer are not in close contact then your sale will not be pleasant. |
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godged
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If you are not comfortable disclosing this, don't. When I am working with someone, I want to know the lender and the loan officer so I can confirm that there is a pre-qualification in place.
The details are your business. |
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Roni
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I think it is best to disclose it because in my experience realtors tend to be more diligent when they know you already have been preapproved (btw there is a difference between pre qualified and preapproved). Also it give the realtor a better idea of what you will be able to buy (saves wasted time). The only downside that I can see in disclosing this is that realtors make 3-6 percent of the sale so they may be more inclined to show you homes upwards of what you are approved for instead of just showing you homes that fit your wants. Some realtors will downplay a cheaper home and really try to sell you one closer to what you were approved for. But that is their job, to make money so who can blame them? |
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REALTOR
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Yes, tell your agent. Your agent will call the lender and ask what other conditions they have. You see, pre-qualification is not a commitment to give you a loan. A lender might say, "yes, we'll give this client a loan, if..."
The agent needs to know about this "if" when you make an offer on a property.
And, what do you have to loose by giving this info to your agent anyway? |
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Gregorio
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If you have been "pre-qualified" you would not have any specific information regarding points or rate that you have been qualified for other than an amount and a payment you can afford. If you have been "pre-approved" then that's a different story.
And to answer ... yes you should tell them so they know what properties fit your budget and price range. Why wouldn't you tell them? |
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pea_nut_26
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Yep its all part of the business, why are you worried? |
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bostonianinmo
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This is standard practice and may be required to have any offers you submit actually be presented to the seller. Without this information your agent cannot tell a seller or seller's agent that you are "ready, willing & able" to buy.
When I'm selling a piece of property, I don't want to see offers from time-wasters. And time-wasters and lookie-lous are a dime a dozen. If a potential buyer isn't at least pre-qualified --and pre-approved is better -- I won't even look at the offer.
She doesn't need the rate, or points data. But she does need to know how large a loan you qualify for and how much downpayment you have available.
If you wish to only buy at a price below your maximum qualification level, which is always a good idea, make sure your agent knows this. If they attempt to show you homes outside your chosen range, simply refuse to look at them. If she persists in this, just get a new agent. As a buyer you're NOT legally beholden to anyone. They need your money far more than you need their house. |
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J H
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they might find it ...anyway |
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BirdogsID
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That is NONE of your realtors business.
NONE AT ALL.
I told my realtor and he ended up screwing the whole deal up because of my financing. Have your realtor find a house, and you worry yourself about the financing. |
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