realtor is asking for banking statements

[JulesMaximus]

My wife is a Realtor...don't recall her ever asking a client for that kind of information. She will refer a client to a lender if needed or they are free to use a lender of their choice.

All he/she should need is the pre-approval letter, especially if you haven't even made any offers yet. Still, it's not as though your Realtor won't have access to a lot of your personal information during the course of your escrow anyway...I guess if you don't trust him/her then find another Realtor.

 

[JulesMaximus]

Originally posted by: spidey07
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.

:roll: Overreact much? What exactly do you think the Police will do? Or the feds? Or even the Board of Realtors for that matter?

 

[sutahz]

Why do realators get paid so much?

 

[Blackjack200]

Originally posted by: sutahz
Why do realators get paid so much?

How much do they get paid?

 

[SuperSix]

There's no reason for her to request those.

 

[Modelworks]

Maybe ask the realtor why they need them ?
Just a thought before going crazy over it.

 

[JulesMaximus]

Okay, I asked my wife and this was her response:

it is up to his lender not the realtor to ask for liquid asset information. Weird!

Which is pretty much what I said. Your Realtor should not have asked you for this information. I doubt that he/she did so for nefarious reasons, probably just inexperienced.

 

[richardycc]

I am a part time Realtor, and I don't ask for bank statements...I think this Realtor wants to make sure you have the money to buy so he/she won't waste time with you. with the govt rebate, some Realtors are really busy and don't have time to waste with tirekickers.

 

[geno]

Originally posted by: richardycc
I am a part time Realtor, and I don't ask for bank statements...I think this Realtor wants to make sure you have the money to buy so he/she won't waste time with you. with the govt rebate, some Realtors are really busy and don't have time to waste with tirekickers.

Exactly why he should find a new realtor. If he refuses to disclose his statements to the realtor, he'll basically be treated like a tire kicker anyhow. Find someone who'll invest a little more personal effort into getting you in your home. It's the only way this realtor will learn his / her lesson, drop them now so they'll learn it's not OK to ask for that sort of thing, or at least put the message out there that not everyone will comply.

 

[RyanPaulShaffer]

Your realtor has no legitimate reason to ever need your bank statements. A pre-approval letter from your lender, yes, but bank statements? Never.

Like others have stated, find another realtor. That's pretty sketchy.

 

[dirtboy]

Realtor was probably asking on behalf of the lender or themselves if they are a broker. Most Realtor's barely know anything about real estate, but the few that do, know what information you need to get the process started. Those that do will get you pre-qualified, which is meaningless -- It's just a letter that says you can buy something. Often times to put an offer in you need a pre-approval letter, which says you are qualified to buy a property up to a given amount and based on what they know, you will be able to get the loan for that amount.

Be careful who you take advice from on this thread. Most probably have never bought a home before.

 

[waffleironhead]

heh, when I was house searching my realtor said we could attach copies of our bank statements along with the earnest check so the seller had a good idea that the earnest money actually existed before accepting or denying the offer. Mind you all account numbers would be blacked over. We decided to not send it along and let the seller wait it out.

How earnest is an earnest check if the account has no funds to begin with?

 

[BoomerD]

Originally posted by: SacrosanctFiend

Originally posted by: MisterServer
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..

Find a new realtor if he/she cares so much. I wouldn't show that info to anyone but my lender.

this.

None of your realtor's business.

 

[Tobolo]

I would tell them to go fly a kite, but its not uncommon for them to ask for that. They want to make sure they are not wasting there time, however I've seen some take a pre-approval letter instead IF its with a well known institution. Non Bob's lending.

 

[OCGuy]

Let me add a little sanity to this thread.

The market is very touchy right now. Sellers agents are asking for proof of funds to close before they will accept your offer. Not every time, but there are plenty of listings like this.

Your realtor doesnt care about them, but the seller's realtor does.

So basically you will only be able to put offers in on condos where the selling agent isnt asking for proof of funds to close.

One way around giving up too much information is to just give your realtor the front page with your balances, and black out the account numbers, but leave your name and address visible.

 

[TheSlamma]

I bought my house without a Realtor.. I just dealt with my lender. Man that was nice.

 

[Noirish]

Originally posted by: MisterServer
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

you should not need to divulge that info unless you are in the process of getting a loan, but, still, you will only give it to the lender.

 

[OCGuy]

Originally posted by: Noirish

Originally posted by: MisterServer
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

you should not need to divulge that info unless you are in the process of getting a loan, but, still, you will only give it to the lender.

Fail.

 

[Miramonti]

Originally posted by: OCguy
Let me add a little sanity to this thread.

The market is very touchy right now. Sellers agents are asking for proof of funds to close before they will accept your offer. Not every time, but there are plenty of listings like this.

Your realtor doesnt care about them, but the seller's realtor does.

So basically you will only be able to put offers in on condos where the selling agent isnt asking for proof of funds to close.

One way around giving up too much information is to just give your realtor the front page with your balances, and black out the account numbers, but leave your name and address visible.

Makes sense. Perhaps they should ask for proof of funds, and not bank statements specifically. My bank statements wouldn't have helped, I only keep a month's worth of money in them. I'd black out my account number before I give them any statements tho.

 

[swbsam]

I've been asked for pre-approval letters and bank statements. Pre-approval letters seemed fine. I moved on if they asked for bank statements. We ended up buying the house from the realtor that just asked our combined income, and left the mortgage process to our lender.