Financing in Glenview>Question Details

Chald, Home Buyer in Bellevue, WA

During home buying process, who can access my financial information (income, savings, etc.) other than the bank that approved the mortage?

Asked by Chald, Bellevue, WA Tue May 10, 2011

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As most of the posts state below, a seller may ask to see your proof of funds. Other than that, only your lender get to see your financials. An exception to these general rules, is if you are getting financing from the seller either through "rent to own" or through the mortgage contingency clause of the sales contract.

The information in this answer is general information and is not intended as legal advice, nor do I intend to create an attorney-client relationship with any reader by answering this question or otherwise contributing as a member of Trulia.com.
Web Reference: http://www.ranjmohip.com
0 votes Thank Flag Link Tue May 10, 2011
The only person that should be looking is your bank, That will include the loan officer, processor and underwriter who approves or denies yoru loan. Agents and the seller do not see your finances. If you are buying a bank owne dhome and getting a mortgage you will need to provide a preapproval letter which only sayd you can get a loan for x amount, and if paying cash you can provide a proof of funds letter from your bank thata states you have x amount available at this time to close on said property.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Tue May 10, 2011
Hello Chald,

If you are making an offer on a distressed property, you may be required to provide proof of funds before your offer can be considered, since those are usually cash sales. With very high-end luxury properties, the seller's agent may ask the agent representing the buyer to "pre-qualify" his/her client. This involves relaying some general information--mainly regarding employment, to ensure that the person requesting the showing is a serious buyer who could actually afford to purchase the property., and not just someone curious about an expensive house.

Aside from the above situations, the details of your personal finances should remain between you and your lender. Understand, however, that your real estate agent has a fiduciary responsibility to you, and may not share personal information about you--of any kind, financial or otherwise, without your permission. This confidential relationship does not end when the sale has been completed--similar to the doctor/patient and attorney/client relationships. Although we're talking about real estate transactions here, as you can imagine, there are many different issues involved in buying or selling a home--both financial and personal, that should always remain confidential. That's why it's very important to work with a real estate professional with whom you can develop a comfortable and trusting relationship.

Best regards,

Dayle Lively

847-507-8832
0 votes Thank Flag Link Tue May 10, 2011
Chald,

I am a field underwriter as well as an originator. (unique, best of both worlds) Happy to review and speak with you outside of Trulia. Feel free to reach out to me at homeloanapprovals@yahoo.com. There are several no cost options, I support the environment for my clients to be the educated consumer as well as having access to many conduits that would serve you. My craft has been practiced since 1991. If we do not connect, I wish you well in your endevours.

Kind regards,
0 votes Thank Flag Link Tue May 10, 2011
You may occasionally have to provide a proof of funds to you agent in order to make an offer, although 90% of the time a simple pre-approval letter is sufficient.
0 votes Thank Flag Link Tue May 10, 2011
Generally, that's it. The only one who will need that info is your lender.
0 votes Thank Flag Link Tue May 10, 2011
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