Hi Justene,

I have to agree with Bill and Lori here.
First of all your question is a little ambiguous and we need some clarification.

Point blank, Who are you in the transaction? If you are a buyer making an offer and the sellers agent is requestion financil information, sounds to me that you have not supplied either a pre approval or given the sellers anything of substance to prove that you can purchase this house.

The sellers agent may be acting on the instructions of the seller. But it depends on how it was done and what was asked for from your mortgage rep.

Maybe the agent called and said.. Hey Joe Mortgage guy, can this person actually buy this house?.. -or- was the conversation more like, Hi, I am the Realtor representing the seller of the home Justene would like to purchase, we would like a detailed copy of the past three years financial statements and tax returns for Justene, also include a recent credit report detailing all debt associated with Justene and her family.

Two different conversations.

I think you mean 'representing the sellers'.

It depends on what your contract says. Ours says that the buyer authorized the lender to keep the listing agent updated on the status of the loan, appraisal status, etc.,

The listing agent can request any information they want. The lender shouldn't disclose what you have not authorized but if your offer implies that you have certain funds/financial ability to perform and the seller wants proof, they can ask for it. If you don't want to supply that proof, then you can say so and the seller can decide if they still want to take a chance with your offer. Especially when in a mulitple offer situation or a situation where a previous deal fell through because of finances, the listing agent should advice the seller to ask for verification. Put yourself in their shoes.. What you choose to disclose is up to you, just make sure that you've read over your contract - you may have already given the listing agent permission!

Justene: This is just an opinion. It is neither legal advice not an interpretation of any finance rules.

Let's start with the ambiguity of your question. Is the Realtor representing competing buyers? While it would seem so, the wording is not crystal clear.

Regardless, no Realtor can call anyone to determine financial information. They may ask you to provide the information to the extent that is needed to assure themselves that you can make a valid offer. That's only fair, because no one wants to represent an unqualified buyer.

If you have not given anyone permission to review your accounts, your lenders and savings institutions should not and in this day and age, usually never do allow them to get past the "I'd like to know..." end of the sentence."

If ANYONE pulled such a stunt on me, I'd call his manager and start ripping. I'd also send a letter to the agency, with copies to both the Realtor Association and the State Real Estate Commission stating that not only that they have already done this act but also that you forbid them to contact your financial providers.

Now, if you wish to obtain a loan, the proper place to pony up financial information is the lender you wish to use. They have a right to know, if they will be lending you money. If they tell your realtor you are pre-qualified or pre-approved, the Realtor really needs to know no more. In fact, for years, mortgage companies have refused to send Realtors even the credit score information that they get. It's PRIVATE information and it's protected by the privacy act.

ANYONE checking on your finances without express permission is WAY out of line.

Best wishes,

Bill Holt

If the agent is acting as a disclosed dual agent, meaning he or she is representing both the buyer and seller, in representing the seller he or she can call the lender to make sure you are in fact qualified to purchase. The specifics of your financial information and debt are not required.

Follow this link to Real Estate Agency Relationships in New Jersey.
http://www.trulia.com/blog/laura_giannotta/2009/08/what_buye…

If the agent is only representing another buyer there is no reason for that agent to contact you lender.

Your lender should not share any of your financial information with anyone but you and YOUR REALTOR.

Laura Giannotta
Keller Williams Realty - Atlantic Shore

Absolutely....i do it all the time. In the market I serve, it's a seller's market and we are sseing multiple offers. The last thing we want to do is take the home pending, which will pull it off the market - then find out 30 dats later that the loan is not going to happen.

I also want o make sure it's a reputable lender with experience.