An inquiring homeowner recently asked House Talk columnist with The Wall Street Journal June Fletcher, just how much does your real estate agent need to know. The first thing that Fletcher confirmed was that homeowners are by no means legally required to share financial information or motives for moving with anyone. The primary reason why a buyer agent may seek this information is to gauge the seriousness of the buyer. As real estate expert Fletcher explains in the column, "After all, [your buyer agent] needs some inkling about why your current residence no longer suits you, what your price range is and how much you can afford so [he or she] can figure out what to show you." Today, a buyer agent no longer needs to ask for this information from their clients as most of the financial information they may want to know will be disclosed in a pre-approval letter from a lender, which is important to increase credibility. For cash sales, instead of a pre-approval letter, your buyer agent will need to attach a bank statement or balance of your mortgage from a current home to the offer. The bottom line in, Fletcher emphasizes in the House Talk column, is that you should trust your agent enough to feel comfortable about divulging this information. If you are not, it's time to find a new real estate agent! South Florida homebuyers can find reputable real estate agents they can trust at Lang Realty, the leading real estate company in Palm Beach, Broward and St. Lucie Counties. To get matched with the real estate agent that's right for you, contact Lang Realty at 866.733.2214.
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