Replies to This Discussion

Permalink Reply by Sheila Vardakis on June 1, 2012 at 8:40am

Angie, I have had to ask buyers for the same info.  See the attached form that Nationstar required on my listing. 

 

What most buyers don't know is that when you apply for a mortgage, your score does not get dinged everytime a new lender checks your credit.  There is a 45 day window from the first time you have your credit pulled to apply to any lender that provides home loans and it just counts as one.  Same thing if you buy a car.  Great info to know moving forward. 

 

I would comply with the form Nationstar is asking if you want the home. 

 

Hope this helps and hope you get the home................many blessings!

Attachments:

• Nationstar buyer financing application.pdf, 39 KB

Permalink Reply by Angie Allende on June 1, 2012 at 8:43am

Is there anyway that i can have my broker send them my most recent credit report?

Permalink Reply by Sheila Vardakis on June 1, 2012 at 8:49am

Is there some reason you don't want Nationstar to run your report?  They aren't going to want a copy of what your broker ran. 

Here is what your agent doesn't know.  Many banks are doing this because they want to see for themselves that you are in fact qualified to purchase the home.  The pre-approvals out there are as good as the paper they are written on.  You don't get a ding by giving them your info again.  Nationstar will confirm that you are in fact qualified and may want to get your business.  You obviously have the final say in that. 

 

Many REO's do this same thing by having the purchaser get preapproved with the bank that holds the note.  They lose time and spend money working with unqualified buyers. 

 

 

Permalink Reply by Angie Allende on June 4, 2012 at 4:54am

Thank you! The reason is that my score isn't the highest.

Permalink Reply by Sheila Vardakis on June 4, 2012 at 4:58am

I would not let that concern you.  If you deny the bank pulling your credit, you do risk them declining your offer.  I am a firm believe that if they do run your credit and don't allow you to purchase the home too, then that home was not meant for you to have.  It just wasn't meant to be. 

Permalink Reply by Angie Allende on June 4, 2012 at 5:02am

You are right! Thank you very much!

Permalink Reply by Kristine Halverson on June 1, 2012 at 10:37am

Angie, OMG! What a nightmare!!  I would submit the credit report instead of having your credit ran again.  If they don't accept it then you have to decide whether it's worth it to you.  Sometimes we have the buyers on our short sales get a second approval with our preferred lender.  The reason we do this is that we had 3 offers in a row where the buyer's loan letter was bogus.  The loan officer had not done the pre-qual basics, credit check, review of assets and review of employment.  It wasted our time, the Seller's time and the bank.  I'm sorry if you have to have your credit pulled again.  If the home is worth it and you are for sure going to buy it then I would go for it.  Hope this helps!  Kristine :)

Permalink Reply by Angie Allende on June 4, 2012 at 4:54am

Thank you!