as a private real estate investor in tx, what co pull credit reports for my buyers – i owner finance the homes
Jun 15, 2009
in
Private Real Estate Loans
do not have a mortgage license – would like to be able to pull tri merged credit reports on the homes I'm selling under my own acct, and not have to get another loan officer to do it for me. are there any companies that will allow this?
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3 comments
hithere2ya on June 15, 2009 at 10:55 pm
You need to bite the bullet, get licensed if necessary and sign up for the program if you want to be a lender. That is simply the cost to do business and if you don't want to pay for the information, then you need to make alternate arrangements. The credit reports without fail are billed back to the borrower by the lender who collects that fee at the time of the application and is non-refundable.
ninety3doors on June 15, 2009 at 10:55 pm
You probalby could not do it on your own because of Confidentiality agreements with financial/lending institutions, etc.
You need the buyers social security numbers, etc. to pull a credit report. And I am pretty sure you have to be bonded.
If it was easy for someone, an individual, there would be a lot more identity theft.
Try contacting equifax.com they are one of the largest credit reporting agencies in the U.S. If they will not allow you, as an individual, to obtain the reports, maybe they can at least point you in the right direction.
But from past experience working with a real estate agent, each request had to be "justified" in the event of an "audit". Even the 'independent' real estate could not pull/obtain credit reports without going through a bank, mortgage company, etc.
newmexicorealestateforms on June 15, 2009 at 10:55 pm
As part of your agreement with the buyers on the purchase form and on your real estate/land contract simply have the buyer's provide you with your required credit reports, the buyers can then go to their local credit bureau and order them and supply them to you to satisfy that contingency prior to closing.