Home Buying in New York>Question Details

leesharyn, Home Buyer in 11365

I do not have a pre approve letter, I show my 1040 and my W2 to my agent as requested. After showing her the above stuff she wanted a copy from me.

Asked by leesharyn, 11365 Sun Dec 9, 2012

Is it ok to give her a copy?

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15
Are you paying cash for the home that you're considering buying? If not, then you'll need way more documentation other than just a 1040 & W2. I would suggest you get the pre-qualification letter before you start looking for homes because with out it you won't know how much home you can actually afford.

Looking forward,

Christine Gordon
Licensed Real Estate Salesperson
Cell: 917.881.2924
Fax: 347.328.9352
Apartment updates available at http://www.christinegordon.postlets.com
"Home is where the heart is."
5 votes Thank Flag Link Sun Dec 9, 2012
Is the agent also a mortgage specialist or Is she passing this information onto a mortgage specialist. Either way you need to personally sit down with a loan specialist because that person is going to need more than your 1040 and W2 for sure to pre approve you correctly. A little odd. I wouldn't give the information, you need to be personally engaged in the process. Start again, find a lender/mortgage specialist that you feel comfortable with, sit down, understand the process and see what you can be pre approved for based on where you want to live. If mortgage eligible go back to that agent or another agent that you feel comfortable with (referral is best) and shop for your home. Good luck.
2 votes Thank Flag Link Sun Dec 9, 2012
Hello Leesharyn,
Since you did not have a pre-approval letter, the agent is trying to prequalify you. In many cases, here in NYC we gather a summary of the prospective buyer and ask him to fill a financial statement which shows the buyer's financial background. And in many cases, when we make an offer on a property, we present the financial statement along with the offer letter to the owner. In some cases, the owner would request your tax returns, your W2 etc... This way, the owner of the property and/or the agent can prequalify you.
Best Regards
Fern Hamberger. NYRS
VP Asso Broker
Fhamberger@citihabitats.com
1 vote Thank Flag Link Wed Dec 12, 2012
Unless you provided a proof of fund for a cash transaction you will need the pre-approval letter. To be fair to to the home sellers the agent should have this in hand before showing you homes.
1 vote Thank Flag Link Mon Dec 10, 2012
Dear LeeSharyn,

Your agent will need a copy of your 1040, W2 and other financial documents, as well as your pre-approval letter to determine if your finances meet the financial requirements of the property you are considering for purchase. You should get a pre approval letter as soon as possible as you not only need that to make your offer -- but without knowing how much the bank is lending you, you are wasting your time looking at homes you may not be able to afford.

It is perfectly fine to give your agent all of this information.Once your offer is accepted, your agent will need to do a board package and need much more information. Whether you purchase a coop or a condo you will still need to submit a board package. So the more information you provide your agent with now, the more time it will save when it comes time to preparing the board package and submitting in a timely manner.

Trust your agent as they are trained in knowing what to do and they are there to help you!

Ross Ellis
Licensed Real Estate Salesperson
Halstead Property
Member of Real Estate Board of New York
212.317.7828 direct
770 Lexington Avenue, 10th Floor
New York, NY 10065
rellis@halstead.com
1 vote Thank Flag Link Sun Dec 9, 2012
I would ask you broker to send you a REBNY form financial statement and fill it out to the best of you knowledge, so that she can keep it on file but not copies of your actual financial documents. When you make an offer and it is accepted she will have to collect all these documents from you foro the board package for a coop and many condo buildings, as well. If you intend to continue working with this broker and to buy an apartment eventually, it is just a matter of time when you want to provide your financial documents to a broker. These days when privacy and confidentiality is a big concern, it would be fair to ask your agent to sign a confidentiality and non-disclosure agreement, stating that she has to keep all your info confidential and not to disclose to anyone without your consent.

Also, getting a mortgage pre-approval only takes couple days and does not lock y our rate or anything, why not get it? It would add much more comfort for people dealing with you and more weight to your offer when you are ready to make it.
0 votes Thank Flag Link Sat Dec 15, 2012
You really need to be pre approved in order to make an offer on a property. If you do not feel comfortable giving your 1040 & W2 then hold off until you get approved. The agent needs to have some proof that you are a serious buyer.
0 votes Thank Flag Link Mon Dec 10, 2012
Hi Lee.

Why don't you simply apply for a pre-qualification or pre-approval letter? It takes almost no time and it's free.

Nicolas Puygrenier ǀ Licensed Real Estate Broker
Mona Lisa Real Estate Group LLC
419 Lafayette Street, New York, NY 10003
Telephone: 917 499 1917
Email: nicolas.puygrenier@monalisanyc.com
0 votes Thank Flag Link Mon Dec 10, 2012
I would meet with a mortgage professional and get pre-approved. It should take less than an hour and all of your financial and personal information will be safe and secure, you will also leave knowing how much your qualify for and how much you are comfortable paying.
0 votes Thank Flag Link Sun Dec 9, 2012
Hi Lee. Considering the state of Bank loans, they may be willing to give you a letter of pre qualifiaction rather than pre approval. Yes, you do need to see a mortgage professional and get that document. As you don't have that letter, it is fine to hand over the docs the agent is requesting. Block out your social sec number and hand it in.
0 votes Thank Flag Link Sun Dec 9, 2012
Hi, Whenever I ask for this kind of information- I always tell the buyer to white-out personal information such as the SS #. I only need proof of income, the 1st page usually is more than enough. When you get pre-approved they will be asking you for other personal info. Terry K 718-614-3167 cell or TKorahais@elliman.com
0 votes Thank Flag Link Sun Dec 9, 2012
Not sure why one would shop around without a mortgage pre-approval letter in order to determine a price range and for any offers to be taken seriously; however if you are uncomfortable providing the agent and seller the information, do give your paperwork to your attorney, so that he/she can reassure the seller's side; in the menatime do visit with any licensed loan officer.....
0 votes Thank Flag Link Sun Dec 9, 2012
Hi,

All information agents keep is confidential and should be kept in a safe place. If you chose your agent and you trust them, this shouldn't be uncomfortable for you. However, if you are looking to buy and are serious, it takes 20 minutes to go into your bank and become pre-approved. It would be unfortunate if you found a place you wanted to buy but were not prepared to make an offer. No one accepts an offer with out the approval letter.

I hope this helps you!

Best,
Annette

Annette Holmgren
Bond New York
Licensed Real Estate Salesperson
aholmgren@bondnewyork.com
401-837-9445 C
917-595-4643 D
0 votes Thank Flag Link Sun Dec 9, 2012
If you are getting a loan then you should get the pre approval letter right away. They tend to be valid for 60-90 days depending on the lender. If you have the pre approval the bank will have looked at all that stuff and the letter should suffice. Plus you want to know that a bank is willing to lend you what you need to borrow, you are shooting in the dark now.

Chris
0 votes Thank Flag Link Sun Dec 9, 2012
Sooner or later, you'll need to provide those documents. Just white out the first 5 numbers in your SSN. You really should get a pre approval letter. That way both you and your agent can know if you're looking at the right price range.
0 votes Thank Flag Link Sun Dec 9, 2012
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