I have a question for CA agents. I'm hoping someone can give some input on this. An agent has a small REO seller (in CA) that wants them to get information from the buyer's lender like their FICO score, asset verification, loan ratios, etc. Is this common in CA? Lenders here think he is crazy and are not willing to give them that kind of information. They have told their seller this, but they act like this is common. Is this something you normally do?

I think it's common in reo property as well as short sell. They asked for buyer's FICO scores, proof of funds in the bank, approval letter for loan, etc ...

I know its common here in San Diego. Basically your buyer will need to get Pre Qualified with one of the preferred lenders of the seller but your buyer doesn't need to use them. Even one time I needed my buyer to actually get Pre Approved with one of the preferred lenders of the seller to submit an offer.

__________________
Paul Caparas
Broker Associate/Realtor
Weichert Realtors Elite
San Diego Ca Real Estate
San Diego Foreclosures
San Diego Homes with a View

Some customers do not want the lenders to run their credit. It may lower their FICO score.