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That ^ is WAY more than needed. Realtor has no need to see bank balances. The approval letter and amount should take into account all money needed to make the purchase.
Some high end homes won't be shown without proof of funds. Gotta keep out the riff-raff.
I think it would just depend on the buyer. So many people won't take someone at their word, they need to actually see with their own eyes. A realtor can only do so much with a buyer's expectations, especially if the buyer is someone who thinks the realtor is out to cheat them no matter what.
I think it would just depend on the buyer. So many people won't take someone at their word, they need to actually see with their own eyes. A realtor can only do so much with a buyer's expectations, especially if the buyer is someone who thinks the realtor is out to cheat them no matter what.
The buyer can see online what is out there in their price range and the recently sold properties as well. If they can't handle the facts they can see for themselves, they would be a PITA to work with anyway.
Who you are borrowing from is none of their business.
I disagree with this. We need to know who the lender is to know if their offer is going to be turned down based solely on lender choice. Yes, you heard me. Listing agents advise their clients all the time to turn down offers if letters come from the big banks like BofA, Chase, Wells, etc... because they won't close on time, you can never get the same person on the phone for updates, and processing is all done out of state in different time zones and the right doesn't talk with the left.
It's very important to know who the lender is so we can help with the negotiations, especially in a multiple offer situation.
I've never had to show a realtor proof of funds or a prequal letter in order for them to show me homes.
I haven't either, but they always ask if I'm prequalified. I totally get though why some realtors would request proof or pre-qualification so they don't waste their time.
I got my preapproval letter from the mortgage lender first so I knew what I could afford and my realtor wasn't wasting his time showing me houses only to find out later that I have not been approved.
Some high end homes won't be shown without proof of funds. Gotta keep out the riff-raff.
Proof of funds letter or lender prequal letter is much different than me needing to see bank balances. I don't need to see bank balances. I need a letter from the bank, or lender, or stock broker, or the guy guarding the suitcase full of money (joke-mostly ) indicating there are sufficient funds to make this purchase. And we need access to the lender in order to be able to answer some detail questions when the offer is made.... not because I'm nosy or doubting the buyer, but because a specific approval letter, loan type, down payment and closing cost estimate are often part of the offer. I don't know those numbers, and often times, neither does the buyer.
I've never had to show a realtor proof of funds or a prequal letter in order for them to show me homes.
That was our experience. The first time we met with our realtor, we told her that our top limit was around $250k and that we would be putting 50% down and getting a mortgage for the balance. And that was that, as far as our discussion on finances. When we settled on a house, she recommended a local bank and we got a very good rate and the approval process took about 90 minutes.
I disagree with this. We need to know who the lender is to know if their offer is going to be turned down based solely on lender choice. Yes, you heard me. Listing agents advise their clients all the time to turn down offers if letters come from the big banks like BofA, Chase, Wells, etc... because they won't close on time, you can never get the same person on the phone for updates, and processing is all done out of state in different time zones and the right doesn't talk with the left.
It's very important to know who the lender is so we can help with the negotiations, especially in a multiple offer situation.
Good point. You are correct that if the pre-approval comes from a mega-bank, it will likely not close on time. I think the OP is objecting to the pressure to use the lender recommended by the agent. Maybe if the agent were to explain the challenges of using a large bank and offered up multiple lenders as an alternative would have been a better approach. And, encouraging their buyer to "interview" other lenders. There is no need for the lender to run credit immediately. A simple phone call to determine if the loan officer and company is a good fit usually solves the problem of who to work with.
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) indicating there are sufficient funds to make this purchase. And we need access to the lender in order to be able to answer some detail questions when the offer is made.... not because I'm nosy or doubting the buyer, but because a specific approval letter, loan type, down payment and closing cost estimate are often part of the offer. I don't know those numbers, and often times, neither does the buyer.
