so i've been looking for a first home (condo) and my realtor just asked me for a pre-approval letter + banking financial statements that show my liquid assets. The pre-approval letter I understand, but why does the realtor need to know how much in liquid assets I have? Isn't it up to the lender + myself to come up with something that will fit in my budget? I don't like divulging personal financial info when I don't have to..
realtor is asking for banking statements
- Thread starter MisterServer
- Start date
SacrosanctFiend
Diamond Member
- Oct 2, 2004
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IHateMyJob2004
Lifer
- Sep 29, 2004
- 18,656
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Another in the camp of .... the Realtor does not need this stuff.
I would hope that she just made a mistake.
I would hope that she just made a mistake.
Tell him to fuck off and you're reporting him to the national board of realtors. Seriously, think about reporting him to the police or the feds as well.
That is just outrageous. Be careful, there are a ton of really slimy realtors out there, they're worse than used car salesmen.
That is just outrageous. Be careful, there are a ton of really slimy realtors out there, they're worse than used car salesmen.
amdhunter
Lifer
- May 19, 2003
- 23,332
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Damn. This is the kind of thing that turned me off to purchasing my own place. If a realtor asked me for this information, I'd probably give it to them. Purchasing a home blindly seems like a perfect opportunity to get scammed out of money for the rest of your life.
Better yet ditch any 'full service' REALTOR and use redfin.com or equivalent. Why pay 3% commission while you can get half back. I've used both discount Realtors for buying and selling and 'full service'. The discourage realtors have always been better plus I got money back at the end.
ive never heard of that but *shrug*
talk to someone else at his company, someone higher up than him (say you have a complaint or a serious concern) and see if this is normal for the company or if hes stepping out of line from their policy.
and then find another realtor
talk to someone else at his company, someone higher up than him (say you have a complaint or a serious concern) and see if this is normal for the company or if hes stepping out of line from their policy.
and then find another realtor
Pre-Approval letter should be sufficient. I bought a home last year and was never asked by my realtor to provide financial statements.
My lender asked for statements. The seller asked for proof that I had enough money to fund my closing costs. I provided it to my realtor to send off on my behalf with the the account numbers blacked out.
Capt Caveman
Lifer
- Jan 30, 2005
- 34,543
- 651
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i haven't even put an offer in, so the seller cant be asking for this stuff. i think i'll find a new realtor, this bitch is crazy if she thinks i'm giving her this info
Bignate603
Lifer
- Sep 5, 2000
- 13,897
- 1
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A good realtor earns their keep. The one that helped on my home purchase earned his keep. There was a bunch of issues that I wouldn't have been able to sort through if he hadn't been there to work the system in my favor.
alkemyst
No Lifer
- Feb 13, 2001
- 83,769
- 19
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There could be a few things here, 1) they are a broker too...2) the community requires a pre-approval for a showing.
2 is rare in today's market, but in the boom many exclusive areas even required financing to be situated PRIOR to even showing the place.
2 is rare in today's market, but in the boom many exclusive areas even required financing to be situated PRIOR to even showing the place.
When we bought our house, we gave our realtor a pre-approval letter. She didnt ask for financial info though, other than how much house we were looking for. The lender needed all of the financial information.
The realtor does NOT need to see any financial statements from your bank. The ONLY thing they can reasonably ask for would be a pre-approval letter from a lender to let them know you're not wasting their time.
Dave
Edit: stupid typo
Dave
Edit: stupid typo
ViviTheMage
Lifer
Who cares, not like she can get anything off of it...just scratch/mark out the account information.
For what it's worth, I had to show my lender some statements, but I still scratched them out.
For what it's worth, I had to show my lender some statements, but I still scratched them out.
mugs
Lifer
- Apr 29, 2003
- 48,920
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Here's a possibility - maybe the realtor doesn't want to show you houses that you can't afford, and he knows that mortgage brokers often tell you that you can afford more than you really can. Maybe the realtor is looking out for you. I don't see the harm in giving him the information with all identifying information removed.
Why don't you ask him why he wants or needs it?
Why don't you ask him why he wants or needs it?
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