gregorygarver.com

[Marcus]

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?

[Jed]

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.

[abbfan00]

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.

[aattaacckk]

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.

[Unknown]

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.