Profile picture for saintsfan1976

WTF???

Ok so i took the advice of someone on here & looked into finding an Exclusive Buyer Agent. We met yesterday & i was quite displeased with alot. I showed him my credit score & he immediately told me that id need a score of 640 in order to buy a home. After speaking to two other Realtors hes the first to tell me this! He also seemed to have a know it all attitude. He didnt even ask me how much id be comfortable paying a month. He also told me he was going to pull up my credit score. He didnt even ask me if that was alright with me. My credit isn't at 640 & if that's the score i truly need i dont want to be messing with pulling up my credit report knowing it'll take points off! Here i thought this exclusive buyer agent guy would be better than the Realtors I've recently dealt with. Instead hes the worst so far!!! In all honesty I'm now to the point i dont even want to buy a house because i dont trust Realtors to truly be willing to do what it takes to help me in finding a home! What should i do?
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October 20 2010 - Reno
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Answers (24)

There are many ways to find a Realtor, but I believe the best way is by referral. Ask some of your friends or family, anyone that has recently purchased a home. Don't waste a bunch of time with an agent that you aren't comfortable with. Keep looking!! There are plenty of good agents out there. If you don't find one, let me know and I will find one for you.  Good Luck!
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November 23 2010
Profile picture for Pasadenan
On Cartalk the interpretation of the thread title is "What's Today's fish?"

Cartalk 11/20/10; senior texting acronyms
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November 23 2010

Sounds like you got a REALTOR/ loan officer. Sorry to hear about your experience but I assure you we are not the same :)

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November 23 2010

My company was one of the last to hold on to the 620 FHA minimum credit score.  A standard FHA now requires a minimum score of 640.  If you are below 640 but still above 620 you may have financing options with the Nevada State Bond program.  Plan on the process taking a little longer but they can still finance on a 620 credit score.  There are income and sales price limits but they are not very strict.  Get in touch with me and I can privide you with more info!  I can also give you advice on how to raise your score. 

Respectfully,

Spencer Valerio

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November 17 2010
Profile picture for Pasadenan
"The ability to pull an annual report without affecting your score only applies to a consumer pulling their own credit through each of the three credit bureaus, not applicable for someone else pulling your credit." -

Thank you for clarifying "like product or service"; that is extremely important.  As for one pull per year not affecting your scores, that is what is on FICO's website.  Correct it doesn't say "no impact", but rather "minimal impact".  Do 2 pulls, and the impact is visible.  Start doing 5 pulls, and it is quite negative.

And of course if an REA is pulling your score, it is not as a home purchase, and it is even questionable whether they are actually getting FICO.  Most consumer pulls of their own credit are not FICO but VANTAGE, as FICO costs the credit Bureaus money, and the government mandates they give a free report to a consumer as often as once per year, thus the creation of VANTAGE scoring system to bypass FICO's royalty requirement for these government mandated "free" reports.

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October 21 2010
He shouldn't be able to run your score without getting some personal information, and then again not without your permission. You are able to get a free credit report once a year. I would like at your Credit Report and see if there is anything on there that doesn't belong. You can go to the three Credit Reporting agencies and challenge anything that doesn't belong on there. If the Company or Person reporting this doesn't respond, they are supposed to take it off which should improve your score. It usually takes about 30 days for the change to happen.
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October 21 2010
There have been a couple times that an agent, either listing or buyer's agent, have requested specific financial information on a client and I have tactfully told them they were out of their scope of business.  With a buyers permission I will provide a range of credit score as it will often strengthen an offer.

To clarify the issue regarding re-pulling of credit:  If you shopping for "like" credit (a car or a home, for instance) you have 30 days in which multiple inquires will not affect your score.  However, if you are shopping for a home AND you open a new credit card, you score will be affected.  30 days of "like product or service" is the key...and, to my knowledge, this is only true for major purchase like home or car.  The ability to pull an annual report without affecting your score only applies to a consumer pulling their own credit through each of the three credit bureaus, not applicable for someone else pulling your credit.
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October 21 2010
Profile picture for robin398
I totally disagree with "NY Broker".  We as Realtors should not be running credit reports on potential customers and clients. That is why we work with mortgage brokers to qualify our buyers.  I would be livid if someone did that to me.  Word gets around when Realtors take it upon themselves to do another person's job and then be arrogant about it.  The first step should have been creating a trustworthy relationship.  Now you know that you need to sshop around to find a Realtor (regardless of title) who has your best interest at heart. 
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October 21 2010
what a strange encounter.   It's not an agent's job to prequalify you or pull your credit - NEVER heard of that.
Real estate agents can provide referrals to trusted lenders who are ready to speak to their potential customers about financing details and then the buyer and the agent get to work on finding the right property and the rest of the transaction.
Find another agent and your first question might be "do you have a trusted direct lender that I can contact about financing and qualification?"
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October 21 2010
Profile picture for Pasadenan
The loan officer should not be giving confidential information to the REA either!  If I don't want to reveal how much I qualify to borrow, the loan officer has no right to reveal that information.  It is my choice what my target price range is, not the loan officer's.

I will make sure that I let the loan officer know they are not to reveal my financial data, but only to confirm that I have the ability to purchase in my target price range.


As for pulling a credit report; yes, anyone can pull a credit report for a fee if they have the social security number.  But a Real Estate agent has no business asking for my social security number, and I don't plan to give it to them.

And it is not correct that all credit pulls affect your FICO score.  multiple pulls all in the same 30 days only count as one pull.  And one pull per year doesn't affect your score at all.
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October 21 2010
Many good answers here. Pasadean hit it on the head with the loan approval letter. Don't use a generic loan approval letter with the max you can qualify for. Have your loan officer tailor your letter for the offer you are submitting. They are happy to do that for you. You may have to get several loan approval letters by the time you find what you want.

Steve, with all due respect, unless you are a loan officer, we as agents are working out of our area of expertise by pulling credit scores (not sure how you do that without being a loan officer), asking for a buyer's confidential financial information and determining what they can and cannot afford.

I ask my clients to get pre-approved prior to showing them homes and assist them by giving them several loan officers names if need be. This way I am not steering them to one loan officer or company and they can determine who they are comfortable with. Once the loan officer tells me they are qualified, and they do tell me for how much, we start our home search. It's all about educating our clients and not stepping over the line into areas we are not qualified in.
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October 21 2010
What kind of process does your football team go through to find the starting line-up?  Does a fumble by the running back mean the team is bad?
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October 21 2010
I also agree with Jim and Christine :) a thumb there too
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October 21 2010
I agree with Deborah, Sunnyview, Dan, and Pasadenan. Pasa's guide is exactly what I would recommend. I have been doing loans for a few years and have never heard of a RE agent pulling credit and dont know how they could even get set up with a Credit Company unless they are also a lender. There is no 640 minimum credit score set by HUD on FHA loans, it's misinformation.    
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October 21 2010
First, the advice by Pasadenan is very good and well laid out.  Second, I find it scary that agents are pulling credit and would not recommend allowing anyone other than your chosen lender pull your credit.  More importantly, IMHO, you are putting the cart before the horse by looking for an agent before you have been preapproved for a mortgage loan.  By meeting with a loan officer and determining your goals and challenges you will be able to know where you stand before you start interviewing agents.  Lastly, you are correct that pulling credit will lower your credit score so it is important not to allow multiple inquiries.  
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October 21 2010
Profile picture for sunnyview
I would be livid if my agent wanted to pull my credit score. My credit is none of their business. Just like my max qualification amount is none of their business. Their only concern should be whether or not I am qualified to look at the properties in a specific price range so that they can be assured that I am not a head in the clouds tire kicker. You need to get prequalified on your own and get a letter from the lender. The amount on your letter should be no more that the amount of house that you feel comfortable paying on every month.

It sounds like you got a lemon of a buyers agent. You don't like them and they sounds arrogant based on your description so dump them. There are good agents, but you have to look to find them. If you have one that does not fit or is not good, thank them for their time and move on immediately. Do not sign a buyers agreement with anyone until you are ready to make your offer and until you are satisfied that they are good representation. There are other fish in the sea.
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October 21 2010
I always pull a credit score, get the last tax return and find out what down payment any buyers has.  This way I know what he/she can afford, qualify for, or what co-op board they will be approved for.

Taking a buyer around to see places who dosnt qualify is just wasting the buyers, the sellers and the brokers time.
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October 21 2010

Sometimes you have to kiss a lot of frogs to find a prince. Don't give up. There are plenty of bad apples out there, but there are also a lot of very good agents. Do you have any acquaintances that have had good real estate experiences and can refer you to an agent they were satisfied with? Word of mouth is my best advertising. Ask around and you will eventually find someone you are comfortable with. It's worth a little effort now to make your home buying experience pleasant in the future. When you get that arrogant, know it all agent, kick them to the curb and move on. There's another one right around the corner. Remember you are interviewing the agents and in this market an agent should be glad to have the business.

I agree with Jim, find yourself a loan officer to assist you with the lending aspect of your transaction. An agent shouldn't be pulling your credit scores. A lender can guide you about your credit and when to pull your credit so you're not affecting your FICO scores. That's their business and their area of expertise. Good luck on your search.

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October 20 2010
Profile picture for the_country_hick
What really happened was a bit different.

You went through a job interview process. You were looking at hiring an employee. The person you interviewed showed you enough to say they should not be hired and you should look for someone else.

Just because you got one bad interview do not give up on this approach. You will find some good ones out there if you keep trying. You may have to go through this with a few more agents before you find someone who you feel is right for you. 

Perhaps it would feel better if I said this was like a bad first date and to look for another date and not give up completely because of one (or more) bad experience(s).
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October 20 2010
Hello again.  I know some great agents in Reno and would be happy to refer you to them.  Just let me know.

All the best!

Ryan Smith
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October 20 2010

Keep looking and ask around, you will find a good one in your area eventually.

In the meantime, take a few classes on becoming a realtor yourself. It's not too hard, and even if you don't write your own contract, you will have the knowledge to really select the right realtor then.

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October 20 2010
Hello Saintsfan1976, I understand your frustration.  I'm really surprised that agent would run your credit without your permission.  Have you contacted his boss to report him?  He is right about the credit score, 640 is the minimum score you will need now to purchase a home....it's a new FHA guideline.  

I would start with finding out what your credit score is by getting pre-approved for a home loan.  If your credit score is below 640, find ways to bring up your score.  Once you're pre-approved you'll know exactly what purchase price you're approved for and what payment you're comfortable with.  

With that down, you can now start home shopping.  I think you should work with a buyers agent, but feel them out.  Interview your agent.  Talk to more than one and start working with the one you feel comfortable with.  Buying a home is a huge decision, you want to make sure your agent has your best interest in mind.  Believe it or not, there are such agents out there.


Best of luck to you!


Ryan Smith



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October 20 2010
Profile picture for Pasadenan
One, find another agent.
Two, don't ever discuss your FICO score or your income or your buying potential with your agent, only your target price range.
Three, find a loan officer that you really really really trust.  There are a few on the mortgage board, but you have to screen them with their participation comments, not their quotes.
Four, get a letter of pre-approval for the amount you want to spend, NOT the amount you qualify for.
Five, don't give your agent the pre-approval letter until you are sending it with a written proposal, and then don't even send that one, but one tailored to your offer.  Instead just let your agent know you have the pre-approval letter and funds for the down payment and inspections...
Six, if you signed an exclusive buyer agreement, either let it expire without doing any more searches if the time is short, or talk to the agent's broker to see if the agreement can be canceled as it is not working out for either party.

There are a lot of good agents; but then there are even more self-centered agents.
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October 20 2010
I understand how you feel.  Like all occupations, there are people who are good at their job and people who are not.

You still will benefit with a good buyers agent, it just may take interviewing a few until you find the right one.

Contact a lender and get a pre-approval letter.  This will tell you  the amount you can get approved for a loan.  You can discuss credit score and improvement if necessary.  Since you know your score, you can ask the lender not to pull another report until you find the home you want.

This is a great time to buy, don't let a bad experience with an agent cause you to lose out.  I know some good agents in Reno and can suggest a few for you if you would like, just contact me through my profile..
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October 20 2010
 
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