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Rainmaker
530,685
Gary Coles (International Referrals)
Venture Realty International - Las Vegas, NV
Latin America Real Estate

No, because as much as we try, it is difficult to convince every Buyer to provide this information up front.  And on listings, I think the best way to sell is to get as many showings as possible.I saw one case where a Buyer wanted to see homes the weekend after she met with one of my agents and was unable to provide a preapproval letter in that time frame.  In my opinion, the home she missed was perfect  -- but she found another and bought it.  The good home sat on the market much longer and even went through one price reduction before selling.  To me, it was a big mistake on the part of the Seller.

Nov 09, 2015 07:03 AM
Rainmaker
413,193
Cindy Davis
SD Home Source Realty - San Diego, CA

No, I don't think that is reasonable at all/.

Nov 09, 2015 07:05 AM
Ambassador
3,986,910
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

I am really concerned with the privacy of the buyer's financial information in these early stages. If all selling agents required it theoretically there could be 20-30 sets of a buyer's info sent to 20-30 listing agents who could share copies with their 20-30 sellers. I don't know that any buyer would be comfortable with that. Now if an offer is presented, absolutely they should. 

Nov 09, 2015 10:24 AM
Rainmaker
2,224,167
Debbie Laity
Cedaredge Land Company - Cedaredge, CO
Your Real Estate Resource for Delta County, CO

I think it's a bit over the top for a seller to request a POF or preapproval letter. I sure like seeing that with an offer, but it's not necessary for a showing. 

Nov 09, 2015 08:28 AM
Rainmaker
586,107
Hella M. Rothwell, Broker/Realtor®
Carmel by the Sea, CA
Rothwell Realty Inc. CA#01968433 Carmel-by-the-Sea

Consumers are much more careful about having their financial information out there. It's to the benefit of buyers agents to self-control whom they take on showings.  On that topic, I presume the sellers would not allow an "open house". And that reminds me of a seller who wanted me to get copies of drivers licenses before letting someone in. I refused because of liability for myself and my client. What if someone's identity gets ripped off afterwards? The same could be true for handing out "proof of funds" all over the place.  

Nov 09, 2015 07:13 AM
Rainer
90,555
Val Evans
Scottsdale, AZ

Maybe I'm old fashioned, but if I'm a seller and somebody wants to buy my property, then SHOW ME THE MONEY! Otherwise you're just wasting my time.

Nov 09, 2015 07:01 AM
Rainmaker
4,416,512
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

No, if required chances are I will move on to another property! I do not show property to buyers not qualified!

Nov 09, 2015 07:51 PM
Rainmaker
2,488,872
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Good morning Debbie.It is a little crazy, but can't tell you that I have not seen the request. I would not send a copy of a 401K statement.

Nov 09, 2015 05:10 PM
Rainmaker
1,157,535
FN LN
Toronto, ON

This would likely reduce the marketability of the property since a smaller buyer base will be willing to jump through the hoops to just see the property.

Nov 09, 2015 04:02 PM
Rainmaker
912,465
Troy Erickson AZ Realtor (602) 295-6807
Good Company Real Estate - Chandler, AZ
Your Chandler, Ahwatukee, and East Valley Realtor

Debbie - I think we need to trust that the buyer's agent is doing their job and getting a preapproval letter, or they have a proof of funds letter before they ever go out showing their clients properties. If we trust our fellow agents, then the seller and/or seller's agent would not need this information prior to having a buyer's agent show their listing.

If we can't trust our fellow agents then no wonder our industry is such a mess. Let the buyer's agent do their job, and let the listing agent do theirs.

If I were a buyer, I would not want to have to show proof I could afford a home before I even walked through it. After all, I may drive up to the property and not even go in because it is not what I expected.

For luxury homes, that is a different story.

Nov 09, 2015 02:39 PM
Rainmaker
1,683,406
Larry Johnston
Broker, Friends & Neighbors Real Estate and Elkhart County Subdivisions, LLC - Elkhart, IN
Broker,Friends & Neighbors Real Estate, Elkhart,IN

I don't think it should be necessary.

Nov 09, 2015 12:31 PM
Rainmaker
1,771,442
Noah Seidenberg
Coldwell Banker - Evanston, IL
Chicagoland and Suburbs (800) 858-7917

That is going too far Debbie. I would talk my buyer client into skipping a listing if they had these rules. Why show them all this private data when you do not even know if they are interested in the property yet.

Nov 09, 2015 12:25 PM
Rainmaker
1,525,355
Sybil Campbell
Fernandina Beach, FL
Referral Agent Amelia Island Florida

I think requiring documentation from another agent is a little over the top, but it sounds like these sellers may be extremely "high maintenance".

Nov 09, 2015 11:23 AM
Ambassador
1,569,453
Karen Fiddler, Broker/Owner
Karen Parsons-Fiddler, Broker 949-510-2395 - Mission Viejo, CA
Orange County & Lake Arrowhead, CA (949)510-2395

Certainly the sellers can require it, but they will limit showings, I don't think many of my buyers would do that without a high end property. 

Nov 09, 2015 08:46 AM
Ambassador
4,315,625
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Debbie Reynolds that's going little too far, I guess. I can understand if it was luxury home.

I check with my clients and if they are comfortable sharing the information and the home is worth taking a look, may be, yes.

 

Nov 09, 2015 08:41 AM
Ambassador
3,724,022
Patricia Kennedy
RLAH Real Estate - Washington, DC
Home in the Capital

Debbie, that sounds a little, well, rude!

Nov 09, 2015 08:25 AM
Rainer
42,470
Fred Hafdelin
Weichert Realtors - Mountain Lakes, NJ

No. I try to make it as easy as possible for the house to be shown. Its when an offer is made that I ask for pre approvals etc. to accompany the offer.

Nov 09, 2015 08:13 AM
Rainmaker
397,250
Jill Murty, Realtor - Orange County, CA
Movoto - Laguna Niguel, CA

I don't think showing a pre-approval letter and/or POF should be required to show a property, but certainly for offering on one.

Having to show pre-approval and/or POF slows things down and may inspire the agent and prospective buyer to move on to the next property because they think the seller and listing agent are going to be a pain in the butt throughout the entire transaction. 

Nov 09, 2015 07:42 AM
Rainmaker
5,764,585
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Debbie,

Personally, the whole idea infuriates me to no end.  When we looking for our first home, not a single agent asked us for a proof or funds, nor a prequal letter.  And, we had spoken with our accountant and knew exactly what we could afford.  When we wrote our offer and gave them a check, we still did not get asked for that.   

One never knows who they are really dealing with.  I worked with someone whose budget to lease a place was small.  We passed one of our listings on famed Melrose Avenue, and she said I want to be there...and I said, "can we show the landlord a financial statement that would back up your ability to pay the rent for 10 years?  Without hesitation, she said yes..."I am the heiress to ________,"  Let's give people the benefit of the doubt.  A

 

Nov 09, 2015 07:37 AM
Rainmaker
1,730,753
Rob Thomas
Prestige Homes of The Tri Cities, Inc. CALL....423-341-6954 - Bristol, TN
Bristol TN-VA & Tri Cities Agent, ABR, GRI, e-Pro

No ....I normally know all the agents who are showing my properties and I know they don't work with buyers who can not buy! I know it's different in larger areas.

Nov 16, 2015 08:38 AM
Rainmaker
1,413,394
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

They cannot dictate where the funds come from, only a lender can.  I've only seen pre-qual and POF for offers.  Why put an obstacle infront of someone for a showing?  Most agents out here would skip right by that listing.

Nov 10, 2015 03:02 AM
Rainmaker
1,465,977
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Debbie Reynolds It's the buyer's agent's job to insure their client is qualified to purchase the home. I don't think it is the seller's right to see any financial information until there is an offer on the table.

Nov 09, 2015 11:10 PM
Rainmaker
838,712
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

If there is a buyer's agent, we should rely on them to some extent to bring us a qualified buyer. I would not insist on proof of funds for a first showing, especially if it's not a multi-million-dollar property. I think 401K funds might be time-consuming due to the way the release of the funds is structured. 

Nov 09, 2015 10:09 PM
Rainmaker
4,335,709
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

It's ridiculous! And it's not any of the seller's business what the buyer's situation is until/unless they have made an offer.

Nov 09, 2015 10:07 PM
Rainmaker
4,223,498
Richard Weeks
Dallas, TX
REALTOR®, Broker

I think that is a seller's decision.

Nov 09, 2015 09:29 PM
Rainmaker
4,433,809
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

No.

Nov 09, 2015 09:01 PM
Ambassador
3,060,003
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

I think sellers can have this requirement.  I find it "too much", but we can't always stop our sellers.

Nov 09, 2015 02:06 PM
Rainmaker
611,619
David Gibson CNE, 719-304-4684 ~ Colorado Springs Relocation
Colorado Real Estate Advisers LLC - Colorado Springs, CO
Relocation, Luxury & Lifestyle residential

Debbie,
Give me a break. I would call the listing agents broker and ask why.

Nov 09, 2015 12:53 PM
Rainmaker
2,442,558
Evelyn Johnston
Friends & Neighbors Real Estate - Elkhart, IN
The People You Know, Like and Trust!

I have only had to do that on high end properties.  The sellers have no business whether or not it is in a 401K, in my opinion.  It is whether or not they can pull it out in a timely manner.

Nov 09, 2015 12:08 PM
Ambassador
5,613,349
Bob Crane
Woodland Management Service / Woodland Real Estate, EXP - Stevens Point, WI
Forestland Experts! 715-204-9671

It would cut down on the number of times the seller has to vacate for a buyer who is not very serious.

 

Nov 09, 2015 10:52 AM
Rainmaker
1,708,135
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

With TRID and the restrictions on what a lender can do this will be a problem unless I am interpreting this wrong about tying an address to the approval letter or even being able to ask for supporting documents.

Nov 09, 2015 10:42 AM
Rainmaker
3,986,000
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

I have required it at times.  If I feel that there may be an issue with the buyer

Nov 09, 2015 10:18 AM
Rainer
86,195
Gail Gladstone
Gladstone Group & Long Island Business Brokerage - Huntington, NY
Brokering Success

Why would anyone want to open up their home to a buyer who does not have either a full pre-approval or proof of funds!  And why would a Realtor waste time with a buyer who cannot show full pre-approval or proof of funds?

Anything else is a waste of everyone's time.

Nov 09, 2015 08:34 AM
Ambassador
2,090,882
Silvia Dukes PA, Broker Associate, CRS, CIPS, SRES
Tropic Shores Realty - Ich spreche Deutsch! - Spring Hill, FL
Florida Waterfront and Country Club Living

No, I think having the preapproval on file with the buyers agent should be good enough. 

Nov 09, 2015 07:33 AM
Ambassador
998,039
John Meussner
Mortgages in AZ, CA, CO, DE, FL, GA, MD, MT, NC, NJ, NV, OK, OR, PA, SC, TN, TX, UT, VA - Fair Oaks, CA
#MortgageMadeEasy Fair Oaks, CA 484-680-4852

Yes, I think a seller is entitled to know a buyer CAN pay for their home, because in the end, if they WANT to pay for it is a moot point if they can't pay for it.

Re: the 401k fund, I would correct them --- a 401k, WITH terms of withdrawal (showing a buyer has access to the funds, and perhaps even the timeline to retrieve those funds) is just as good as a liquid account. (provided the wait period to access funds isn't extremely long)

Nov 09, 2015 07:21 AM