

2,132,135
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.
-
Gary Branscombe
Salt Lake City, UT
-
Rudy Sedano
San Antonio, TX
5,204,299
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
-
Raoul Loustaunau
Phoenix, AZ
6,770,096
279,978
1,097,605
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.
1,153,799
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.
5,204,299
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
967,502
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.
284,918
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.
921,504
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."
634,582
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.
1,657,908
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.
6,311
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.
2,234,865
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.
5,204,299
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
4,322,295
Jeff Dowler CRS - simple answer is 'NO'.
However, checking with the lender about their ability is a good way to look at it.
2,443,346
No! That is not something I need to see ever. That is up to the Lender, a reputable Lender...
3,720
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.
2,191,205
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! :-)
3,988,144
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.
6,056,515
I usually do ask when I am the listing agent, but often times the lender says it is a privacy issue.
403,357
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.
443,320
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.
5,204,299
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
403,357
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.
5,774,106
403,357
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.
368,326
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