additional info w/ offer?

In addition to the usual offer letter and mortgage prequalification paperwork, has anyone ever been asked to provide the following in order to “strengthen” an offer?

employer names
salaries
fico scores

Our offer is already fine – we have the prequalification letter, which takes those three items into consideration. We also show we will put 20% down (10% at contract signing, 10% at closing), we don't have anything to sell, no lease to break, and we are flexible w/ seller for closing date.

This is our third time making an offer. The other two times for different houses, we were not asked and did not have to provide those additional details.

Please let me know if you think we should provide the seller with this information.

(My gut says absolutely not.)

TIA

Re: additional info w/ offer?

very common in today's market esp if the seller got burned in the past

do you have a pre-approval or a pre-qual? there is a big difference

if you want the house I would provide it

Re: additional info w/ offer?

We have a pre-approval from Wells Fargo.

We want the house...but we aren't 100% because based on comps the price is high, especially when you do the math on the square footage. The price per sf is very, very high.

But, the location is A+...

Our offer is 59k below asking (we are not low-balling - our offer is aligned reasonably with comps). However, we think he's going to reject it so we're not going to give him the specifics.

Re: additional info w/ offer?

If you really want it even with the low offer why won't you give the specifics? It isn't like he is asking for SS# and other personal info. He can't do anything with your FICO score. I say show him the info and maybe you will get it.

Good Luck!

Re: additional info w/ offer?

Thanks for the support - the more I think about it...the more I see the other side...you are right - maybe we'll provide some info...let's see what happens!

Re: additional info w/ offer?

Personally, I think a preapproval should suffice. Employment and income verification and credit scores are routinely provided for rentals, but with a sale, the main thing the seller should be concerned with is whether the buyer can secure financing. And that is for a lender to determine based on their own criteria, not really the seller's concern. I have never encountered a situation where a seller requested that type of information.


That said, some preapproval letters are very lacking and don't provide adequate information. As an agent, if I have a concern about preapproval letter (if it's not detailed enough or raises a flag), I have called the loan officer's whose name is on the letter to get more information and reassurance about the buyer's financial qualifications.

As far as providing the salary and employment info -- while I am all for providing information about the buyers that will help "sell" them to the sellers, I think it can be dangerous to provide details on salary and profession if you are offering below asking and can afford asking or more. That's why most people (as discussed on another thread) don't show that they are preapproved for $600K if they are trying to buy a $400K house. It can hurt you in your negotiations with the seller. Just something to think about!