Your concern is valid and one worth discussing. It also seems from your question that your concern is two fold.
First, is it safe to share personal financial information with a real estate professional and does the risk of that information falling into the wrong hands increase each time you share it.
Second, you seem to be uncomfortable with the real estate professional you've chosen to represent you while finding a home.
To the first point, real estate professionals "should" be exactly that, professional. These professionals should handle your personal information with proper care. Ensuring those you chose to work with fall into this category depends on your diligence. You should not work with someone on such an important transaction without full faith and trust in their capabilities. If you get a bad feeling, choose someone else.
To your second concern, there are several strategies you and your chosen agent may use to get your offer accepted. Regardless, the one you implement should be one you agree with. If your agent is insistent even after you've asserted your objections you may again choose to move on to another agent to represent you.
It's worth noting that sharing personal information in a real estate transaction is both common and necessary in order to complete a transaction. How many professionals you use to help you complete the deal should have little to no bearing on how safely your personal information will be handled so long as you use common sense and diligence in choosing your representatives.
Best of luck!
Allan S. Glass
ASG Real Estate Inc. Â®
149 S. Barrington Ave, Suite #660
Los Angeles . CA 90049
Direct: 213.973.8637 (213.97.FUNDS)
CA License: 01154002
Visit Allanâ€™s Blog: http://allanglass.featuredblog.com
I truly believe buyers are better served when they use dedicated professionals for services. I like to allow realtors to handle real estate related work...Lenders do the financing and lawyers handle any legal questions
Some of us may be jacks of all trades, but in buying a home lean to professionals who are master in ONE!
Best of success to you!!!
Kawain Payne, Realtor
Gail Mercedes Cole
BUYING A HOME
Start the process right 1st by talking to a Licensed Mortgage Professional to determine who much home you can afford and whether you are credit wordy and is there an ability to repay the loan.
The Mortgage Professional will give you a conditional approval letter to take to the realtor.
Once the realtor has found your home you should get it inspected to determine if itâ€™s structurally safe (have the realtor recommend one locally) and be sure to ask your realtor to negotiate a home warranty paid by the seller.
Now is the time to determine and negotiate you rate and terms with the Loan Officer who is responsible to order an appraisal that you will be responsible to pay for prior to the arrival of the appraiser.
Youâ€™re Mortgage Professional / Loan Officer will be responsible to guide you the rest of the process and should not take more than 30 days.
DURING THIS PERIOD DO NOT TAKE ON ANY ADDITIONAL DEBT UNTIL THE LOAN IS CLOSED AS YOU WILL BE DENIED THE LOAN.
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We are approved by the Better Business Bureau and Bank of England /ENG Lending is the only mortgage bank among its competitors that is owned by a FDIC insured bank and did not need government bailout to remain solvent.
Bank of England loan officers don't simply facilitate the loan process; they act as "financial advisors," helping clients assess their finances on a larger scale. Whether you're self-employed and need a low-doc mortgage loan, or you're searching for the best rates on a jumbo home loan, your loan officer is here to find your perfect solution.
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I'm sorry to hear about your situation. It sounds like a major issue of trust. Which ever agent you choose to work with should be building a personal relationship with you. After all they are there to help and direct you into a major life decision. Buying a house is no little thing.
I personally don't think that a agent doing both should be an issue of concern. Many agents work close with loan brokers and lenders. They are not necessarily doing it all alone. I for example work well with a broker who I have a great relationship with. I trust him for my clients because I have used him personally. If he is good enough for me he is good enough for my clients.
Plus, an agent may want to ask questions and prequalify you to make sure you are serious.
My advise to you, is get to know you agent. Talk to that person and make sure you express any concerns upfront. If you want to have better control of your information you can go directly with your personal bank. They all ready have access to your social and other relative info.
The Real Estate Group
I personally prefer to separate the two jobs because they are specialized fields and it's not easy to be up on both at the same times.
When you work with a Realtor or a loan officer there has to be an element of trust between you. For some reason, it does sound like this essential ingredient is missing. I believe this will cause issues for you when asking for advice, negotiating and making decisions, and might turn your home buying into a very stressful situation for you.
So here's my advice:
Begin to interview Realtors and settle on one who you can develop a good rapport with.
You can easily use your "own" bank to finance your loan, get your pre-approval there and allow them to handle your loan.
Best of Luck to you!
As a Realtor we have Fiduciary Responsibilities to our Buyers and/or Sellers and by also being the Mortgage Broker I think this creates a "fine line" to maneuver, at least from a perception....what is the old saying: Perception is Realtity?
Should you need a Realtor who will focus on your needs 100 per cent feel free to reach out to me directly.
Endre Barath,Jr. Prudential California Realty, Beverly Hills, email@example.com 310.486.1002(m)
Our area is hot right now so if you don't make a strong offer you won't get the property. The first agent may have been giving you good advice.
Find someone good and then trust their professional opinion.
If you're looking in the San Fernando Valley I would be happy to help you.
Clearly this is a concern for you. I would suggest then you keep the two seperate. A realtor has no need for your social security number.
I'd be more than happy to assist.
Susan Bo'ur Realtor