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monkadoo
Member since 5/05 1427 total posts
Name:
Jen
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Is this odd?
We recently put an offer in on a co-op...per the sellers request we faxed over to our realtor our mortgage pre-approval letter. Which clearly states..."based on your recent credit scores you have been pre-approved for such and such amount...." Now they (the sellers) are requesting to see our actual credit report 
Is that odd? If we were pre-approved for a mortgage then isn't that all they need to worry about? I don't like the idea of sharing my credit report with all my personal info on it to these strangers. Something seems weird to me.
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Posted 8/10/07 3:24 PM  |
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Prudential Douglas Elliman Real Estate
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belladi
LIF Adult
Member since 9/06 1011 total posts
Name:
diana
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Re: Is this odd?
pre-approval is BS...... They can be modified
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| Posted 8/10/07 3:26 PM |
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Novem05
LIF Adolescent
Member since 3/06 677 total posts
Name:
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Re: Is this odd?
When we bought our house the sellers asked for our credit report also, I thought it was strange too. However we really wanted the house and agreed.
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| Posted 8/10/07 3:47 PM |
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SweetTooth
I'm a tired mommy!
Member since 12/05 20105 total posts
Name:
Lauren
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Re: Is this odd?
In todays market, they probably want to make sure they have a strong buyer. They don't want to go through the whole process to have a deal fall through if someone is turned down for a mortgage.
I wouldn't let them see my whole credit report, however. I would give them the first page with my name and the credit score, and thats it. I don't want them to have access to any other info about me.
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| Posted 8/10/07 3:51 PM |
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beanie571
:-P
Member since 5/07 2509 total posts
Name:
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Re: Is this odd?
Posted by SweetTooth
In todays market, they probably want to make sure they have a strong buyer. They don't want to go through the whole process to have a deal fall through if someone is turned down for a mortgage.
I wouldn't let them see my whole credit report, however. I would give them the first page with my name and the credit score, and thats it. I don't want them to have access to any other info about me.
This is what I would do too - I wouldn't be comfortable giving them all the details.
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| Posted 8/10/07 3:54 PM |
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MsMBV
:P
Member since 5/05 28602 total posts
Name:
Me
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Re: Is this odd?
Posted by SweetTooth
In todays market, they probably want to make sure they have a strong buyer. They don't want to go through the whole process to have a deal fall through if someone is turned down for a mortgage.
I wouldn't let them see my whole credit report, however. I would give them the first page with my name and the credit score, and thats it. I don't want them to have access to any other info about me.
I agree on all counts. Many people that were pre-approved a few years ago had awful credit and that is one reason why the foreclosure rate is so high. They had these teaser loans with adjustable rates. Now that the rates are adjusted the payments are huge compared to what was first agreed. Now the approval for mortgages is way stricter and it makes it difficult to refi if the credit is still bad.
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| Posted 8/10/07 3:56 PM |
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monkadoo
Member since 5/05 1427 total posts
Name:
Jen
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Re: Is this odd?
Posted by beanie571
Posted by SweetTooth
In todays market, they probably want to make sure they have a strong buyer. They don't want to go through the whole process to have a deal fall through if someone is turned down for a mortgage.
I wouldn't let them see my whole credit report, however. I would give them the first page with my name and the credit score, and thats it. I don't want them to have access to any other info about me.
This is what I would do too - I wouldn't be comfortable giving them all the details.
Thanks...makes sense. I guess that is what we will do. I don't want knowing all my business...really they only need to know our scores.
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| Posted 8/10/07 3:58 PM |
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Dani00518
Gorgeous
Member since 5/05 2730 total posts
Name:
Danielle
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Re: Is this odd?
The last few offers we made we were always asked for our scores....I thought it was weird too because we have been looking for 3 years and were never asked for our scores before this.
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| Posted 8/10/07 4:14 PM |
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counselor74
LIF Adolescent
Member since 5/07 806 total posts
Name:
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Re: Is this odd?
We didn't go through this when we bought our house a year ago but this is a clear sign of the real estate scare going on right now and the big clamp downs on the subprime mortgages.
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| Posted 8/10/07 4:35 PM |
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BabyBoy
is Skylar Elizabeth
Member since 5/05 4189 total posts
Name:
Tom
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Re: Is this odd?
they will request credit check once you get further into the process (board meeting)...during the bidding, they shouldn't need a report
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| Posted 8/10/07 4:39 PM |
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