Do I disclose information about funding?

Question

I've recently contacted my old classmate who went into being a relator, about information in the buffalo area. I was looking to see the pricing of 4plex's in the area. She responded with she would love to help me and asked me have I talked to anyone about a budget yet. I don't want to sound dumb ( Im as fresh as it comes ) does she mean how im funding it such as a FHA loan, or like a traditional bank loan with 20% down.

Also does the relator need to know what kind of loan I go through, is it any of there business. I don't mind I just don't know if I should be telling them this information or it doesn't matter.

Also If I really want to do an FHA loan, should I tell my relator? I know houses have to meet a strict outline before they will approve it.

JD Martin · Answer

No, what she means is how much do you want to spend? If 4's go for $200k in Buffalo and you tell her your budget is $100k, then she knows it's probably a waste of time to work with you.

As for your source of funding, yes it is the realtor's business because they are going to have to disclose this information to the seller when they write up a contract. You can't just write "It's a mystery" in the funding section. If you are paying cash, expect to have to provide some proof of funds. If you are using conventional, they may want to see some kind of pre-approval. If you are using VA or FHA, you may have to show your proof of eligibility. ETC.

JD Martin · Answer

I don't see the harm in discussing. People can't read your mind, and no one will know if something is appropriate or possible for you if you don't tell them what you are looking for and what kind of resources you plan to access to get it.

Nicholas Ernewein · Answer

Okay cool I appreciate your help.

Nicholas Ernewein · Answer

Okay, I made post somewhat about this yesterday. If I know I won't be ready to make the purchase until like 6 months, should I wait on discussing this information for now. I don't want to waste her time, But I'm also very curious on the costs of 4plex's in my area so I can adjust for the up and coming months to meet the financial needs of purchasing this property.