Real Estate transactions are complicated with much information being exchanged between the involved parties. Every buyer will be required to get a loan, other than cash purchases, and as we all know much information will be needed. Credit reports will be pulled, bank account balances will be verified and tax returns will be looked at. This is necessary to obtain a loan and you will be safe giving this to your lender.
The problems can arise with other aspects of the transaction in my opinion. I haven't seen any bad things take place in the transactions I have been involved with but one can never be too careful. Identity theft is a problem in today's world and we all have heard horror stories of people who have fallen victim to it. Real Estate has not had a problem as far as I know and we all should watch out and protect our clients as it's our responsibility.
Every buyer will be writing a check for their Earnest money deposit and a copy will be sent to the listing agent. Just this week I received three offers on one of my listings and each agent sent the offer along with a copy of the check. Something I always do with my buyer clients checks before sending the offer is to make a copy of the check and then use a black marker to cover the account number and routing number before I send the copy to the listing agent, None of the agents choose or thought to do this so I blacked them out on my copies.
Another offer came in on a different listing of mine for all cash. The agent sent a copy of the check as well as proof of funds to show the buyer had the money to close the purchase. The proof of funds was two separate bank accounts and each statement showed the account balance along with the account number and the buyers name. The account number is not needed and I do not feel comfortable having that info in my office so I blacked it out.
Real Estate offices by and large are safe and the agents do a great job of protecting consumers information. My concern comes in when sending offers, and information, is I don't know who has access to other offices. I don't know their cleaning crew and who may have a key to get in or heaven forbid a thief breaks in. Call me paranoid but please call me cautious when it comes to my clients.
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Hi Cam!! I'm flagging this... great post!
SUSAN, Thank you Darlin. You are too kind.
Good advice for all of us not just the agents but lenders also.
Featured @ Club Chaos
Cameron: I'm right there with you and that paranoid feeling. I was so angry one day when dealing with a mega REO "office" in our area. I wanted to send the offer electronically because it contained a copy of the EMD check. I was told that I was not to deviate from their fax plan at all. And that I should worry about the security of the information. Then the agent detailed the TEN people that would touch the file coming off the fax BEFORE it went to the bank. Why be worried?
TERRY, Thanks for stopping in.
C TANN, Thank you.
CHRIS ANN, That's a lot of folks to handle the file and I would be concerned.
You certainly never be too careful when it comes to protecting financial information. Especially now when people are becoming more desperate.
How often in bigger offices do you hear of offers sitting on fax machines all weekend long. How many people had access to that buyers or sellers information, how about the cleaning crew. I haven't used the office fax machine in 3 years because of that thought. You can never be too safe!
Excellent stuff, Cameron... I was just talked about this with a fellow from Realtor Magazine. We have access to tons of confidential information. Diligence is definitely key.