Lender discloses info about buyer

**bcoulston** · 05-13-2006, 01:14 PM

I have a situation where the listing agent has contacted me and informed me upon contact with the buyers lender they have stated to him that they are changeing the closing date due to the fact my clients have had over 15 jobs within the last two years I feel that was way out of line is there some kind of restrictions on what they can tell the lising agent?

**minnesota-mls** · 10-09-2008, 06:00 PM

I agree with you on this one. The lender should not be revealing all sorts of information regarding the buyer.

As a seller and as the listing agent, you simply want a buyer who will be able to perform and close on the date of closing. All other info is merely details.

And a lender should never give out any sort of confidential information to a listing agent.

Thanks for your post.

**Mike Taylor** · 10-10-2008, 05:28 AM

I agree, I don't exactly know what laws there are in place for this but they should definitely not be sharing that info. The only thing that should have been said is they need to change to the closing date.

**VancouverWa** · 10-10-2008, 12:17 PM

I guess my question is why the listing agent was told by the lender before you were told.. I'm assuming you are the selling agent?
Is this your lender? A sit down may be in order.

I can tell you from a listing agent stand point I will try and get as much info as possible from the lender. Most of the time it's infered as to the health of a buyer. A successful close is all I'm after and if not, at least info I can share with my principal as to why things are not going the way they should. I hate (strong word) surprizes.

If things are not progressing the way they should be, I'm on the phone calling everybody and the lender is always my first call.

It sounds like the listing agent was comfortable enough with what was disclosed to extend the contract.

Best of luck!