Spam prevention
Ambassador
2,049,132
Alan May
Jameson Sotheby's International Realty - Evanston, IL
An offer you can't refuse!

Their financial information is none-o-my-bidness.  All I need is a preapproval letter from a good lender to tell me that my buyer (or the buyer of my listing) is ready and able to purchase.

I don't want to know their Fair Isaac score, nor do I want that liability.

Feb 25, 2015 10:53 AM
Ambassador
5,034,703
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Ron & Alexandra Seigel  - well I agree.

Jill Murty, Realtor  - a strong pre-approval letter is good enough for me, and I always suggest the listing agent contact my clients' lender with questions and for clarification. I don't see why a listing agent OR the sellers need to know my clients' FICO if there is a pre-approval letter. It's the overall credit worthiness that really matters, not the score.

Raoul Loustaunau  - agreed

Jeff

Feb 25, 2015 07:54 AM
Ambassador
6,361,213
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

We require a legitimate pre approval letter.

Nov 13, 2019 08:27 PM
Rainer
279,878
Dipti Thakkar
LAER Realty Partners - Andover, MA
On a team with Praful Thakkar

No - usually I have their pre-approal.

Jul 05, 2018 11:36 PM
Ambassador
1,074,721
John Meussner
Mortgages in AZ, CA, CO, DE, FL, GA, IN, MD, MN, MT, NC, NJ, NV, OK, OR, PA, SC, SD, TN, TX, UT, VA, WI - Fair Oaks, CA
#MortgageMadeEasy Fair Oaks, CA 484-680-4852

Glad to see so many here happy just with a solid pre-approval.  Now if only more of us lenders would start doing solid pre-approvals : )

 

FICO is somewhat irrelevant when it comes to putting a deal together, BUT as a seller if I got 2 offers with financing contingencies, and knew 1 buyer had a 581 FICO and the other a 781.....it would matter to me.

Feb 26, 2015 03:09 PM
Rainmaker
1,153,744
Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

I only need to see verification of funds or a pre-approval letter to proceed. I really don't want to delve in any deeper than that.

Feb 26, 2015 07:35 AM
Rainmaker
4,800,082
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

It's not done in Florida.  In fact, confidentiality rules don't allow Realtors to do credit checks here.  Must be done by another party.

Feb 26, 2015 04:38 AM
Ambassador
5,034,703
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

It seems there is consensus that asking for FICOs may be inappropriate, a violation of privacy and really not needed. I've seen this several times in recent listings and it troubled me. My fave lender says - nope, that is confidential information and will not be shared

Feb 26, 2015 03:32 AM
Rainmaker
926,852
Chuck Willman
Chuck Willman - Alpine, UT
NewHouseUtah.com

I've never asked for that and can't think of a compelling reason why I should. I actually think it could be more a liability to be that inquisitive.

Feb 25, 2015 10:25 PM
Rainmaker
284,818
Keji Ogunleye
Fairfax Realty, Inc - Greenbelt, MD
GRI, SFR, KejiYour Realtor

There is an agent in my market that request to see fico score, request GFE and then turn around and propose another lender. I try to avoid making offer on that agent properties... As listing agent I don't request it, however I request the lender let me know if he/she already check credit, income and taxes.

 

Feb 25, 2015 09:58 PM
Rainmaker
921,504
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

I do not. As others have indicated I trust the buyer agent has full-filled their responsibilities and have secured proper supporting authority supporting this buyer. I would be even more pleased is accompanying the PA, was the status sheet showing what data have been verified.

If I saw such a requirement in a listing, I would advise the buyer before I scheduled the property. Such an intrusion into ones privacy of a buyer by those who have no business knowing an individuals FICO score may just take that property off the show list. 

Of course we all know the those selling real estate stolen from the citizens they betrayed can make any rules they want. "Give me your FICO report and evidence you voted a straight Republican ticket in 2012 submitted with POF or PA."

Feb 25, 2015 09:32 PM
Rainmaker
634,482
Kathleen Luiten
Resort and Second-Home Specialist - Princeville, HI
Kauai Luxury Ocean Home Sales

For everything other than our low end I tell agents we require qualified buyers. For high end we ask that they are pre-qualified unless the agent indicates certainty that the clients can afford an all cash offer.

Feb 25, 2015 05:23 PM
Rainmaker
1,619,616
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • GRI • HAFA • PSC Calabasas CA

As a listing agent I never asked about it, but some banks do require a copy of FICO scores along with offer and PQ letter. For leases, we always require credit report and FICO scores.

Feb 25, 2015 03:19 PM
Rainer
6,311
Sandra Cannon
Urban Provision, REALTORS® - Houston, TX
Tech Savvy, Paperless REALTOR, ABR & CRS

I don't really consider this info any of my business really.  I do however require a preapproval letter (and a signed rep agreement, even if a temporary one) before I'll show any homes. 

Feb 25, 2015 02:15 PM
Rainmaker
2,224,473
Debbie Laity
Cedaredge Land Company - Cedaredge, CO
Your Real Estate Resource for Delta County, CO

No I have never asked for this information. If I'm the listing agent, a pre approval letter from the lender is all I will ask for. 

Feb 25, 2015 01:07 PM
Ambassador
5,034,703
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Alan May  - I agree. I just don't see the relevance. And if one IS concerned, then there are other issues to be evaluated and questioned

Evelyn Johnston - the key word there is REPUTABLE. And it need to be a true pre-approval, not a pre-qual letter

Rudy Sedano  - that's a sound strategy

Jeff

Feb 25, 2015 12:43 PM
Rainmaker
4,319,419
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Jeff Dowler CRS - simple answer is 'NO'.

However, checking with the lender about their ability is a good way to look at it.

Feb 25, 2015 12:42 PM
Rainmaker
2,443,200
Evelyn Johnston
Friends & Neighbors Real Estate - Elkhart, IN
The People You Know, Like and Trust!

No! That is not something I need to see ever.  That is up to the Lender, a reputable Lender...

Feb 25, 2015 12:03 PM
Rainer
3,720
Rudy Sedano
San Antonio, TX

No.  A good preapproval letter from a good lender is required on the listing side.  Generally speaking, the contract close date submit is also going to tell me a story too.  The big name banks get ranked low on my list due to unreasonable over 60 day - 90 day closes.  Of course, our market is hot and low inventory...but I do not accept pre-qualified at all.  Submit when they have been already approved and we can talk.  

On the buyer side, we get them preapproved before showing homes.  I do not work with anyone without being approved or having proof of funds (cash buyer).  On the buyer side, it can be a waste of time without preapproval from lenders I trust.

Feb 25, 2015 11:42 AM
Ambassador
2,158,268
Silvia Dukes PA, Broker Associate, CRS, CIPS, SRES
Tropic Shores Realty - Ich spreche Deutsch! - Spring Hill, FL
Florida Waterfront and Country Club Living

Jeff, it never occurred to me to ask because I would consider it confidential.  I do however contact the mortgage broker or lender to confirm the letter and sometimes they will tell! :-)

Feb 25, 2015 10:45 AM
Rainmaker
3,988,007
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

No I don't ask to see them. The score is only part of the equation but what I do want is a solid lender letter from a lender I trust. A high FICO score without job stability or downpayment doesn't help my homes sell.

Feb 25, 2015 10:33 AM
Rainmaker
5,851,361
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

I usually do ask when I am the listing agent, but often times the lender says it is a privacy issue.  

Feb 25, 2015 09:26 AM
Rainmaker
400,356
Jill Murty, Realtor - Orange County, CA
Movoto - Laguna Niguel, CA

Jeff Dowler CRS - It looks to me like we are all trying to accomplish the same thing, which is doing the upfront work to get the transaction closed.  We just take slightly different paths to get there.

Feb 25, 2015 09:12 AM
Rainmaker
443,220
Cindy Davis
SD Home Source Realty - San Diego, CA

I don't ask for ficos unless something about the offer raises a red flag in me. I do speak to the lender. If it's a low or no downpayment situation, I am more inclined to ask for fico scores.

Feb 25, 2015 08:52 AM
Ambassador
5,034,703
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Jill Murty, Realtor  - well I get that. I, too, want to know that the lender has verified income, has checked the credit, etc. Even with my own buyers I talk with the lender to verify these things

Jeff

Feb 25, 2015 08:20 AM
Rainmaker
400,356
Jill Murty, Realtor - Orange County, CA
Movoto - Laguna Niguel, CA

Jeff Dowler CRS - When I speak with the lender and they seem shaky on the information, I step up the questioning.  If the lender doesn't know the credit scores, maybe they haven't run credit at all and perhaps the letter is a pre-qual disguised as a pre-approval.

If the letter is solid and the conversation with the lender hits all the right points and inspires confidence, I do't need to probe further.

Feb 25, 2015 08:02 AM
Rainmaker
5,772,353
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Jeff,

That seems to me like way too much information.  A

Feb 25, 2015 07:47 AM
Rainmaker
400,356
Jill Murty, Realtor - Orange County, CA
Movoto - Laguna Niguel, CA

When I'm representing a buyer and the buyer's FICO scores are impressive, I ask that the lender include them in the pre-approval letter.

When I am the listing agent, I ask the buyer's lender for the buyer's scores if they have not already been furnished to me.

Feb 25, 2015 07:47 AM
Rainer
368,326
Raoul Loustaunau
EXP REALTY - Phoenix, AZ
urhomefinder.com myvaluetoday.com

no i have never ask for it or given it either ; anyways thing can allways change by the time it goes to final review from lender. have a great day

Feb 25, 2015 07:13 AM