Can a sellers broker ask a potential buyers lender for copies of an outstanding purchase agreement on another home with diff. broker

Asked by Roberto, 56071 Thu Feb 17, 2011

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Rod Tietz, Agent, New Prague, MN
Thu Feb 17, 2011
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I am not an attorney and this is not legal advice. Yes. The selling broker can ask if it is related to the same transaction. I don’t believe the lender or the buyer have to provide the information. However, it may be a term or condition for the purchase agreement and is a negotiable issue. The information in the second purchase agreement should only be shared with approval of the parties to that transaction.

If the request is not related to the primary transaction and somehow the selling broker knows the buyers lender is working on another unrelated transaction but the information would benefit the selling broker in the unrelated transaction, it would be unethical for the selling broker to ask and highly unlikely for confidentiality reasons the lender would provide the information.
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Steele V. Pr…, , Minneapolis, MN
Thu Feb 17, 2011
Can the seller broker ask, sure. Does the buyer lender have to answer/provide, depends. Why is he/she asking? If not provided witl it stop the present sale?

As suggested there can be legit reasons for asking but at this point we do not know the circumstances so any answer is a guess on our part.

Please clarify the situation.

Steele V. Propp

A new way to buy a property.
0 votes
Bill Eckler, Agent, Venice, FL
Thu Feb 17, 2011
Roberto,

It sounds as if there may be a contingency associated with the sale that depends upon the sale of another property begore your transaction can close.

If this is the case, the seller may be trying to gather information that would varify that transaction. In our opinion the proper way for an agent to go about accomplishing this it to do so by going through your agent, making parties aware of what is being done and for what reasons.

Good luck,

Bill
0 votes
Michael Emery, , Minneapolis, MN
Thu Feb 17, 2011
Could you clarify your statement?

Are you buying a home contingent on the sale of your existing home?

Are you buying a home and have two different homes under contract at once?
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