RE Agent Wants my Credit Report?
I was about to submit a offer on a investment property with 10% consideration, but agent tells me that I have to give her my credit report also. Ive purchased two properties and have never heard of such a request. Anyone care to weigh in on my she would want me to submit a credit…
I was about to submit a offer on a investment property with 10% consideration, but agent tells me that I have to give her my credit report also. Ive purchased two properties and have never heard of such a request. Anyone care to weigh in on my she would want me to submit a credit report. I have great credit,but I feel that it should be my business, not the business of the agent and the seller. Thanks
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I’m with bedstuytownhouse on this – brokers are supposed to present ALL offers, but perhaps this seller has, for some (odd) reason, instructed the broker to ask for your credit report. Very silly, since as long as you can pay for the thing (and perhaps you should upgrade the pre-approval to a pre-qual, which is even stronger), why should the seller care? I’d find out exactly why this broker wants your credit info. Smells fishy. Good luck!
I would show her a copy of my credit score, but not give a report.
Don’t quote me but I think that the broker is required to submit all offers to the owner. I wouldn’t want a broker getting involved in that sort of personal information. I think they can actually lose their liscense for not doing so. Do you know who the owner is? If they currently live in the property send them a note stating what your offer is but that their representation is putting up a roadblock.
Just for clarification, I was putting the 10% down with my offer and putting 25% down in total. I already have a pre-approval but RE Agent said that’s no good. It was a two family brownstone that I planned on renovating and just renting out. Not making any real money, just wanted the home to pay for itself so my kids can have something laying around.
They should actually be asking for a mortgage pre-approval letter. I don’t know many banks offering 90% financing on investment properties these days – 75% is pretty much the max. In that case, even if you have stellar credit, it won’t make a difference.
Totally different story with rental tenants – there a credit report may (and I say may) be an indication of how responsible they are in paying their bills, and you can also get a search of landlord-tenant court records (for NYS only) that will be very useful.
Seems they are at least being upfront about asking for it. Ultimately it IS the business of the seller if you have bad credit. All they probably want is the score number.
If you are already approved for a loan then your lender has done this and can supply you with the report/numbers.
In this environment where it’s hard for borrowers to secure loans, I think it’s smart on the part of the seller.
I get a credit report on any prospective tenant fo an apartment.