Do you ask Buyers for their credit scores???

By
Real Estate Agent with Smart Green Realty

**I hate quizzing buyers about their finances. If they tell me they are pre-approved, I believe them. If they want to see houses that are above their price range, I show them. I consider it part of my job. 

**A few months ago, a very experienced listing agent that I know asked me what my buyer's credit score was. I did not know. However, I respect her and so I got that information for her. 

**Meanwhile, a deal that I have "in the drawer" was set to close last week. Lo and behold, the lender is scrambling around, trying to convince the bank to go with this buyer. A young attorney and a first generation American, he has lots of student debt. I JUST FOUND OUT THAT HIS CREDIT SCORE IS 580! I am in shock. He chose a trusted lender with 16 years experience. How could this guy be pre-qualified??? 

**I feel burned.

 

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Topic:
Real Estate Best Practices
Tags:
credit score
mortgage preapproval
privacy
best practices as a buyer agent

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Rainmaker
104,385
zeta cross
Smart Green Realty - Philadelphia, PA
Getting Greener Makes Your home worth more!

This experience makes me think that as a listing agent, I should ask for a buyer's credit score.

Nov 29, 2015 01:59 AM #1
Rainmaker
2,062,510
Joe Jackson
Keller Williams Capital Partners Realty - Columbus, OH
Clintonville and Central Ohio Real Estate Expert

Choosing the correct lender to work with your buyers is the key to everything on getting them financed 

Nov 29, 2015 02:20 AM #2
Rainmaker
2,922,002
John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

zeta cross  I don't ask potential buyers for credit scores.

Nov 29, 2015 02:38 AM #3
Rainmaker
1,993,796
Ronald DiLalla
Century 21 Discovery DRE 01813824 - Anaheim, CA
No. Orange Cty Real Estate

Always get that accomplished thru being approved.  tks fro sharing.

Nov 29, 2015 03:34 AM #4
Rainer
112,692
Vera Gonzalez
RE/MAX Suburban, Inc. - Sterling Heights, MI
Gonzo For Real Estate

I do not ask those type of questions. The lender is generally a trusted one. I thnk asking for the score may not be appropriate . 

Nov 29, 2015 08:49 AM #5
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Rainmaker
104,385

zeta cross

Getting Greener Makes Your home worth more!
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