Sunday, December 4, 2011

What is the purpose of a Buyer's Financial Information Sheet and who sees it when Buying a home?

My husband and I are putting in an offer on a home in PA. We were asked to fill out a Buyer's Financial Information sheet to go with our offer. Why did we have to do this when we already have a Pre-Qual letter to go with the offer? Who sees this information and how much do they look into it? I don't get why we had to fill this out when we have already been pre-qualified.|||There is absolutely no reason why you should be required to fill out this form. Your finances are private and should only be shared with you potential lender who are regulated by the law to keep such information private from others. Do not fill it out! The Realtor representing you in the purchase should be advising you of this in the first place. If you don't have one, get one.|||The only possible way I could say you should do this is you are doing a private transaction between yourself and the seller (i.e. seller finance/land contract/etc...) Otherwise, absolutely do not share this informantion with anyone other than a bank/mortage lender/etc... (whom have strict rules governing your personal information (otherwise you could have your identify stolen)). If you have a prequalification letter from these sources you are fine.|||You should be asking your buyer's agent these questions and they should be answering you honestly.

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