I have put in a bid and the seller wants the following: credit score (credit reports OK), cash down,

Asked by Msa77, 10021 Mon May 18, 2009

pre-approval (seems OK) and income...I am hesitant to provide income until they have accepted and offer as they might ger ideas on how much we can pay...doesn't a pre-approval show we can get the mortgage amount...and full salary disclosure can happen later?

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3
Cynthia McKe…, Agent, Hauppauge, NY
Mon May 18, 2009
In this market, many home owners are asking for more information. There are still unscrupulous lenders who tell borrowers that they are qualified, when they really are not. It is not unreasonable to ask for the information.
If you are afraid that the owner will use your income against you during negotiations, then have their real estate agent speak with your mortgage broker and clarify FICO scores and the type of mortgage that you are applying for. Proof of income can come after the negotiations of price.
Web Reference:  http://www.cyndimckenna.com
1 vote
Chris L. Chr…, , New York
Tue May 19, 2009
Msa77,

Your mortgage professional has the ability to analyze your income, assets and credit and run an automated credit decision through FNMA or FHLMC. That underwriting process is the basis for your mortgage approval. IF THE SELLER DOESN'T ACCEPT IT, THEN GO ELSEWHERE!

NEVER GIVE YOUR CREDIT REPORT OR PERSONAL FINANCIAL INFORMATION TO ANYONE!!! Your mortgage person has your permission to obtain your credit report but neither you nor the mortgage person should distribute it to any person, including attorneys and realtors! Do you know that this seller is an honest person? None of really know for sure.

The reason is simple...YOU ARE EXPOSED TO IDENTITY THEFT!!! It may not occur now but certainly at a later point in time it could happen to you. The people you send it to may be honest but can they vouch for all their contacts? IMPOSSIBLE...

According to the Federal Trade Commission, during 2007 in this country, 4 PEOPLE PER SECOND were victims of identity theft. These were the people that reported this crime. How many others don't even know that they were victims? How many didn't report that they are victims? Having been a victim please keep in mind that the victim is guilty until you can prove your that you are innocent!

Buying a new home is a great experience. Good luck with this process.
0 votes
, ,
Mon May 18, 2009
DEAR POTENTIAL HOME BUYER MSA77! I DON'T THINK SO YOU NEED GIVE YOU INCOME INFO AND CREDIT REPORT TO SELLER, BUT YOU NEED GIVE HIM MORTGAGE PRE APPROVAL WITH AMOUNT OF MORTGAGE YOU BE ABLE RECEIVED FROM BANK.IN CASE IF YOU RENT PROPERTY THAN OWNER CAN REQUEST CREDIT REPORT AND YOU INCOME. IF YOU DO HAVE MORE QUESTIONS, PLEASE DO NOT HESITATE CALL ME DIRECT AT 2018384838, VERY TRULY, VALENTINA AVED ''VILLA VALENTINA REALTY'' http://WWW.VALENTINAA.COM
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