All Forum Posts by: Christine Shay
Christine Shay has started 2 posts and replied 17 times.
Post: My Realtor wants to copy my Drivers License
- Posts 17
- Votes 8
Quote from @Account Closed:
That's awful what you went through. Not sure how ID sharing would have prevented that.
We've been working together for 6 weeks and this only just came up as I'm getting ready to put in an offer. Again, proving my identity is different than them keeping my ID on file. I have to prove who I am to my lender, not my agent.
Post: My Realtor wants to copy my Drivers License
- Posts 17
- Votes 8
Quote from @Bill B.:
If you don’t like it I’d pry switch to another realtor/broker. I’ve had realtors/brokerages ask me for a $500 “paperwork/storage fee” as a buyer. I just say no thank you. They’ve waived it every time.
If you do want to work with them ask the realtor for a copy of their drivers license to “keep on file”. Tell them there’s a lot of identity fraud going on lately and you want to be sure who they really are. If they’re cool with it you should probably be cool with them having yours.
I like how you think!
Post: My Realtor wants to copy my Drivers License
- Posts 17
- Votes 8
Quote from @Bruce Woodruff:
You have to figure out how badly you want this property....or this realtor. With the amount of fraud out there, you cannot be surprised that everyone is checking IDs like crazy.
I have a good friend that just moved into a new house and the City Water Dept wanted every form of ID you could imagine.....including his SS #. Not a big deal but he drew the line there just on principle and I think kinda for fun. They insisted until he went down to the City in person, then they realized that they actually couldn't ask for SS for a water turn-on.
It's crazy out there now, decide which battles you want to fight and against whom.
I agree with you. I'm not surprised, but checking ID is one thing. Taking and retaining a copy is something else entirely.
Post: My Realtor wants to copy my Drivers License
- Posts 17
- Votes 8
Quote from @Chris Seveney:
@Christine Shay
They want to make sure you are the legal owner of the property because there have been a lot of instances where people have been selling properties they do not own.
Post: My Realtor wants to copy my Drivers License
- Posts 17
- Votes 8
I'm not opposed to proving I'm a real person by showing a government issued picture ID, but I am against giving an agent a copy of my driver's license or passport to keep on file. It's not required in my state as far as I know (NC).
This isn't for financing, which I understand is a requirement.
The agent said her "firm requires" it which may be true, but that doesn't make it a legal requirement.
Thoughts on this and how to handle it?
Hey Adam,
This is a great topic and caught my eye as I recently joined BP and posted this very scenario in my first post/member intro. I haven't gotten any replies yet, but your post offers a good starting point for what to consider as I decide to rent or sell my primary home when I move.
Post: New Member, First Property - Does this make sense?
- Posts 17
- Votes 8
Hello Everyone,
I'm excited and nervous to be here all at the same time! I am unexpectedly getting into my first rental and was hoping for some feedback.
I'm buying a new home and keeping my current 3/3 single family to rent out.
I purchased the 3/3 single family property in 2019 for 225K and it's now worth about 350K.
My outstanding loan balance is 163K @ 3.5%
I calculated that I'd clear 900/mo after expenses.
I was planning to buy my new house for cash, but with the market where I'm moving/buying I'm having to go about 100K over what I was planning, so I'm taking out a 50K loan for that property. I'd plan to pay off both loans within 5-7 years with cash flow from the rental and other income and assets.
I'm an accredited investor and will still have more than a year of expenses covered in liquid assets and additional funds to buy another 1-2 properties in the next 2 years, which is my goal.
I don't know if I've provided enough or the right information to get some opinions if what I'm planning to do with my current house and new home purchase makes sense.
My overall goal with real estate is to have a small portfolio of STRs and LTRs that I'd hold to sustain my lifestyle going forward. I'm on my own doing this and didn't expect to be, but here I am. I'm actually excited about the prospect of finally owning some rentals, as I've wanted to do it for a long time but I let life get in the way.
Thanks for reading and for your feedback.