Praful Thakkar, Andover, MA: Andover Luxury Homes For Sale (LAER Realty Partners)

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Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

I have seen a listing agent specify that a preapproval or proof of funds letter had to be submitted 24 hours before the showing and the listing agent had to accompany. It also stated that the funds could not come from a 401K or retirement fund. My buyer decided that was intrusive and wouldn't look.

Jan 08, 2018 06:22 PM
Rainmaker
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Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

Not for a showing, but when an offer is submitted. 

Jan 09, 2018 06:33 AM
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Barbara Todaro
RE/MAX Executive Realty - Retired - Franklin, MA
Previously Affiliated with The Todaro Team

that's not required for a showing....it's fully expected to accompany any offer....

Jan 09, 2018 03:36 AM
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Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

If it's a seller requirement.  Agents can suggest, but make those decisions.

Jan 08, 2018 09:29 PM
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Fred Griffin Tallahassee Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

   In Tallahassee it is customary and expected for a pre-approval and/or proof of funds letter to accompany an offer, on any house in any price range.  Furthermore, some high-end and luxury home sellers want to see the letter prior to showing.

Jan 08, 2018 07:11 PM
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Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

I've seen this on high-end properties but, never a seller requiring this for low-income housing, Praful. Unusual but, it is the sellers' wishes if you want to show the house. It's a bit intrusive but, it is what it is!

Jan 09, 2018 06:32 AM
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Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

His fiduciary is normal practice

Jan 09, 2018 06:03 AM
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Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

I have bee asked for pre-approvals prior to showings, but I typically refuse.

Jan 09, 2018 05:29 AM
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Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

YES, it is custom here the buyer shares their pre qual letter. We have just started to have communities for work force housing with income limits and they do require a more detailed approval letter that the buyer meets the income limit requirement

Jan 09, 2018 05:26 AM
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Susan Haughton
Long and Foster REALTORS (703) 470-4545 - Alexandria, VA
Susan & Mindy Team...Honesty. Integrity. Results.

There is usually a logical reason for most requests and many are based in past experiences, no matter how unusual the circumstances, so perhaps the seller or the agent has had a past problem with potential buyers not meeting certain criteria.  I am guessing with low income housing, the buyers have guidelines for qualification and maybe the agent wants to be sure no one wastes their time.  I have had a couple of listings that were part of a city program where the buyers had to meet specific criteria in terms of where they lived and their income level, perhaps this was similar? 

Jan 09, 2018 05:25 AM
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Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg Real Estate

I would say that she is being over cautious which is her right. I ALWAYS have to show pre-apps & there could be an income cap limit plus back end ratios that have to be adherred to.

Jan 09, 2018 05:14 AM
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Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

I rarely provide a pre-approval to show a home, but if a listing agent and/or his/her client request it, you might need to provide it if you wish to show the home whether it's low-income or high-end.

Jan 09, 2018 03:45 AM
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Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • GRI • HAFA • PSC Calabasas CA

We do not have low income housing in my area, so I do not have experience. 

Jan 08, 2018 07:38 PM
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Valeria Mola
SIB Realty - Miami, Sunny Isles Beach - Sunny Isles Beach, FL
305-607-0709 SIB Realty Condos for Sale and Rent

Yes, we ask for it too.

Dec 20, 2018 09:24 PM
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Bob Crane
Woodland Management Service / Woodland Real Estate, EXP - Stevens Point, WI
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I have seen it, and one seller of an appartment bldg insisted on only showing to people who submitted proof of funds and a purchase offer.  Did not want his tenants disturbed unless the buyer was very serious.

I spoke with the buyer recently and he seemed very happy with the way the deal went down.

Jan 19, 2018 05:35 PM
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Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

I have never heard of that before.

 

Jan 11, 2018 04:48 PM
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Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

I have sold one condo that was income restricted, and any offer that is financed needs to have a lender letter accompany the offer.

Jan 10, 2018 02:48 PM
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Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

Not for a showing; proof of funds with an offer. Buyer agent should have that.

Jan 09, 2018 06:01 PM
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Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Good luck.

Jan 09, 2018 03:15 PM
Rainer
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Caroline Gerardo
Sun West Mortgage Corporation - Newport Beach, CA
C. G. Barbeau the Loan Lady nmls 324982

It is not the normal procedure BUT the property may have deed restrictions as to any buyer must also be low income. Ask for the chart or standard for a family of 2 -3 -4 and 5. The listing agent is being cautious - can't tell if it is to protect the seller or listing agent

Jan 09, 2018 01:32 PM
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Susie Kay
Ultra Real Estate Dallas Fort Worth - Plano, TX
North Dallas Specialist

I've seen it before and mostly on high end homes .  I guess sellers can request that so people who look at their property are serious buyers only and not lookers.  

Jan 09, 2018 11:04 AM
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Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Praful Thakkar Not for a showing. I would tell the agent you will provide the information upon contract submission.

Jan 09, 2018 09:13 AM
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Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

It certainly seems like a reasonable request to me.  Why would one not want to share it?  If it is low income and they want the home, they need to see it first, then the next step is to provide the requested documents or move on to another property.

In my market, we must provide loan approval and proof of funds with the offer not as a contractual obligation but as a local standard of practice. 

Jan 09, 2018 08:57 AM
Rainmaker
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Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

I've not dealt with low income.  In high dollar value homes and exclusive areas, it is quite common.  Maybe because there is an upper bound of what they can earn to live there?

Jan 09, 2018 08:57 AM
Rainmaker
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Roy Kelley
Realty Group Referrals - Gaithersburg, MD

That would be an unusual requirement in our area.

Jan 09, 2018 07:35 AM
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Jennifer Mackay
Counts Real Estate Group, Inc. - Panama City, FL
Your Bay County Florida Realtor 850.774.6582

Very common now for listing agents to ask for the pre-approval ahead of accepting an offer or with the offer

Jan 09, 2018 06:34 AM
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Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Guessing the listing agent has a high value on his time and as a result may have plenty of it! An advantage to his seller, I think not!

Jan 09, 2018 05:43 AM
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Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

I seen it before on the higher end to keep LOOKERS from wasting everyone's time

Jan 09, 2018 05:32 AM
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Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Barbara Todaro nailed this one!

Jan 09, 2018 04:33 AM
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Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

I don't believe it is but I can understand a requirement for that.

Jan 09, 2018 03:37 AM
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Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

I believe so.

Jan 08, 2018 08:48 PM
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William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

If I am writting acontract i need some kind of proof they can afford the place.

Jan 08, 2018 08:45 PM