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How Much is *Too* Much Information?
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Doug Francis
November 10, 2010 at 8:38 am
I think a “reasonable” amount of information can include a little background, but unleashing social security numbers and birth dates is exactly what “Equifax” recommends you don’t do. If an agent requires a 1987 version of a Financial Disclosure Statement, then submit the offer without it but with the documentation you mentioned above (currently acceptable practice in your area), and if they refuse then contact their broker… or your broker.
REALTORS have a duty to present any and all offers to their clients and an agent drawing a line in the sand like this is grounds (in my opinion) for a formal complaint.
Ken Montville
November 10, 2010 at 9:55 am
Luckily, the Financial Info form we deal with was revised in ’09 and eliminated the spot for Social Security numbers. Still, it discloses a ton of information about the buyer’s financial condition that may actually hurt negotiations. How many sellers, realizing the buyer “has money” may actually harden their position on price or closing help when offering some concessions would help sell the house (the ostensible objective).
Sheila Rasak
November 10, 2010 at 9:04 am
Great points made in your recent blog! As a listing agent who works a lot of hardship cases here in California, I want to know that a buyer can perform. The only other piece of information I require to submit an offer to the bank in a short sale situation is proof of funds. The seller never sees this part of the transaction. My clients know that part of my job is validating the buyer so that their lender is comfortable with the offers we’ve received.
Ken Montville
November 10, 2010 at 9:57 am
That sounds like a nice process. I work mostly with real estate where the Seller has some equity and they’re the ones making the decision on accepting an offer. Some will accept the lender pre-approval letter. Some agents have been burned one time too many, I guess, with buyers who can’t really get the mortgage.