Be aware who represents you and who doesn't. By providing too much information indirectly to the seller you may undermine your negotiating position. If the seller knows that you can qualify for a $500,000 house, when you are offering $450,000 they may hold out for a higher amount. There are times when you want to let the seller know that you are "well qualified" to get the financing that you need and therefore will make an excellent buyer. Does the seller really need to know how much income you make or assets you have?
Our preference is to provide pre-qualification or pre-approval letters based on an offer you are making. Some real estate in-house mortgage companies will determine the maximum amount that you will qualify for and provide that to the agent and the seller. Although this is good to know, will this help you when you negotiate the price? We will provide whatever you request, the amount based on your offer or the maximum amount....your choice.
The exception to all this is for a coop. In that case, your complete financial profile is presented to the board and the real estate agent will help in assembling the "board package". All parties will know everything about you anyway.
Call us at 914-762-6214, use the following quick note or the request forms.
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