Well, once again while negotiating an offer, we were faced with the question as to whether to provide the Seller with the Buyers Social Security Number and financial information upon presenting the offer or not. This is a question that we, as a company, always answer the same way “NO”. A Buyer needs to understand that simply because you are Owner Financing a home, you are not “obligated” to provide the Seller with any financial information whatsoever. Our organization will not ask you to provide this information to us, as we are not mortgage loan originators, nor are we to take in any financial information without being licensed to do so. In fact, there are rules that must be strictly adhered to when taking in financial information. Are these documents shredded after being obtained? Does the office that your sensitive information is being stored in have a lock on it? How many keys are available to third parties (i.e. managers, cleaning crews, other agents, etc.)? What is the background of the Sellers (Felons, Identity Thieves, etc.)? Your Social Security Number and Financial Information could be at risk.
On the other hand, the Seller (per the RANM form) does have the right to review your financial information prior to making a decision to extend you the courtesy of Owner Financing. We at ABQ-OwnerFinancing.com (AlbuquerqueOwnerFinancing.com) feel it is the Sellers responsibility to ASK the Buyer to provide them with any and all financial information they require in order to make an educated decision whether to extend the Buyer the financing. It is within their right.
As the Buyer, it is YOUR decision as to what documents you are willing to provide the Seller. NOT vise versa..
WE at ABQ-OwnerFinancing,com (AlbuquerqueOwnerFinancing.com) are committed to excellence. We ensure that both Buyers and Sellers understand the sensitivity of personal information. In addition, we are committed to educating both Buyers and Seller and explaining the rights of each party. Please feel free and contact us for additional information.