gregorygarver.com

asian_chicka6949 · Joined: 13 Aug 2007 Posts: 5

(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....

SusieQ · Joined: 30 May 2004 Posts: 3

Yep its all part of the business, why are you worried?

mitchellar31 · Joined: 12 Jan 2006 Posts: 7

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.

catherine · Joined: 01 Jun 2003 Posts: 5

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?

pmmm_65459 · Joined: 01 Apr 2004 Posts: 6

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

John · Joined: 01 Apr 2004 Posts: 5

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?

im_foxygirl1233 · Joined: 18 Jul 2005 Posts: 2

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.

YourPropertyPath5488 · Joined: 27 Sep 2004 Posts: 4

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.

JasonM · Joined: 19 Aug 2004 Posts: 6

NOTICE ALL AGENTS SAY YES! I am a banker all the agent needs to know is that you are preapproved. many agents try to point thier clients to brokers they know and many get a bit of money for doing it! Its not the job of the agent to qualify you financialy. i would look to get several offers from different lenders. but as far as letting the agent get involved its a no no. the job of the agent is to find you a home and to make offers for you as far as price of home and the sales contract! keep your lender and your agent seperate. nothing agravates a lender more than a agent calling over and over. the process of getting a loan done is tedious to say the least everything about your income must be proven as well as employment history back 2 years , liquid assets etc. then the real work begins title must be researched and appraisal these things take time and are the responsability of the broker or lender to get the loan clear to close. many agents have no clear idea what is really involved and I've seen many deals blown by agents that get in the middle of the process and slow things down! ( my wife is an agent and i make it a rule if i have a borrower that she is working with to let her do her job and when she has a contract signed and a deposit i take over!) Its in your best interest to keep them seperate!

somepeople · Joined: 03 May 2006 Posts: 5

they might find it ...anyway

sassysista · Joined: 06 Jul 2005 Posts: 5

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

KellyP · Joined: 19 Apr 2004 Posts: 5

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.

wykedguy5892 · Joined: 03 Feb 2007 Posts: 3

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.

sugar4660 · Joined: 05 Oct 2006 Posts: 5

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.

MarleeA · Joined: 24 Dec 2003 Posts: 3

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.