Hi Folks, I recently had a home buyer from the UK send me the following email after I asked her to provide proof of funds prior to going out on any showings:
Nathan,
You are the only realtor who wants these documents. Please explain.
Thanks, Sandra
PS: Hope you know about identity theft...
Obviously she is tentative because identity fraud is now a major problem in our society. I sent her the following email in response:
Hi Sandra,
Firstly, here in the U.S. buyers only work with one agent when searching for a home. The system is dramatically different from what you are used to. You can read more about that here: http://activerain.com/blogsview/1746551/the-international-buyer-s-guide-to-davenport-fl-real-estate Working with multiple agents here is actually frowned upon as nobody wants to work for free, and realtors are paid by commission. I'm sure you can understand.
In regards to the proof of funds, it surprises me that other realtors haven't requested the proper documentation to pre-qualify you. It is a standard thing for any professional realtor to pre-qualify a buyer before spending any real time searching for homes. Sellers here in the U.S. require that proof of funds accompany any offers, so you'd need to have those documents at hand prior to making an offer any way.
It sounds to me like the other realtors you have been in touch with are what we in the business refer to as "taxi cabs". I am a very busy, professional realtor and my time is valuable. I have to know that once I'm spending time with a client looking for a home that a purchase is on the horizon. Some realtors will just run right out and show you any house you want to see knowing that you may not be able to afford the home or that the home may not work for your situation (hence the term "taxi cabs"). I will do neither of those things as they are a waste of our time, and it would be unfair to you as the consumer.
This is a small part of what separates us real professionals from the fly by night types who are out to take advantage of you. It's another reason why it is advisable to find a realtor who you can trust has your best interests at heart and stick with them.
I am quite aware of identity theft, having been the victim of it just 2 years ago. It can have a lasting effect on your finances and your life in general. However, there still needs to be some sort of pre-qualification done prior to me working with you. If it would make you feel more comfortable, you could black out your account numbers and address prior to sending it. All I need for now is your name on an account showing you have the funds to close the transaction.
I look forward to working with you once we have these things in order. If you decide not to work with me, I respect that decision, and I wish you the best of luck finding what you are looking for. There used to be a saying about real estate. It was "Caveat Emptor", which is latin for "buyer beware". I can only encourage you to find a realtor who you feel like you can trust and make sure to ask them a lot of questions. The current market is a difficult place to navigate without the knowledge and training necessary to be successful.
Whichever way you decide to proceed, I wish you the best and may you and your family be blessed. Good luck!
Nathan
After sending out the email, I thought to myself "maybe there is a better way. Maybe some super real estate agent out there has figured out how to pre-qualify a buyer without them having to worry about identity theft".
So how about it? You guys have any better ideas...
Image courtesy of Don Hankins at Flickr
Posted via email from nathantutas's posterous
