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akeyareese | I am buying my first house with my lifesavings (just my choice) but seller asked for a "insulting request" |
im buying my first house and i told the agent that i want to write a check because ive saved my whole life for this and i just want to buy it out right. i made an offer however the seller wants to verify the funds are in my bank account i feel somewhat insulted by this request, is this a normal request that sellers want after an offer is made? i havent even had the home inspected because i just made the offer today.
Additional Details
i just looked at the house and made an offer, why do they need to verify available funds in my bank account??? i would think that they would wait until i have home inspected and everything checks out and i want to buy it before they need to verify my bank info, is this a common practice? am i over reacting? |
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Sunshinegal
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The seller wants to be sure you are a legitimate buyer; otherwise, they would be taking their home off of the market while you get the home inspected and while the deal is settled...that's precious selling time for them.
Sellers and realtors like to negotiate with "preapproved buyers", which are buyers that provide a letter from a mortgage lender indicating that they are preapproved for a loan. Just because you say you have money in your bank account, they don't know for sure that you do.
When they call to verify your funds, the bank won't tell them how much you have in the bank. The realtor will ask something like this: "I have a check in my hand from Mary Smith, account #12345, written in the amount of $200,000. I need to verify the funds are available in the account." The bank would give a yes or a no response.
Congrats on your 1st house! That's so great! |
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Still reading
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You are over-reacting. They reasonably don't want to take the house off the market until they decide your offer is serious. And, thus they want to verify your ability to purchase the house. |
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Chicago's 1st Lady
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Yes you are over reacting! Im not being hard on you, I just bought a house and havent even paid my first mortgage yet. U have to think about it.....if you were selling the house you would want it to check out too. You dont want to be scammed out of your house. SO just be patient these things take time. I went thru 3 different houses because other people playing games. I started looking for houses in Sept, 06 and I finally moved in to my home in April 07. It was no fault of my own all my info checked out, the sellers were playing games. ALSOOO PLEASE PLEASE get an inspector you know and trust!!!! We hired an inspector and when we moved in we had to get our plumbing rodded out. The main drain to the street was clogged. The inspector was supposed to catch that but he didnt. So I suggest you, fill all sinks and tubs at the same time, then unplug them all at the same time. If they all drain then good for you girl, if not tell the owner to fix that befor you go ahead with the deal. We didnt do that, and we got stuck with a 200 dollar bill for the unclog of the main line, even thoug we had an inspector. We told the inspector about himself and he still wouldnt give us any money back. I mean we didnt expect ALOT back but he could've at least apologized and admitted his wrong doing, but we didnt even get that. SO be CAREFULLLL!! Good luck and GOD BLESS!! Congratsss to u!!! |
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ugy56
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For one thing it really isn't good to purchase a house without an inspection. Maybe this is a sign to quickly do an inspection of the property. However most people would be very surprised that someone is buying a home with a check. With that said, it was wrong for the seller to say that they want to "verify the funds". They could have done that privately instead of letting you know. Anyway congratulations on your new home and I hope you have a happy and comfortable life! |
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elaeblue
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Highly unusual real estate practice to deal with cash even in a check form. It would be better to tell the owners you will pay with a bank cashiers check as this verifies to them the existence of said funds.
They dont know if you really saved your whole life -for all they know you could be a drug dealer- they are the only people who still deal with cash. They are protecting themselves thats all its not personal. |
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Sizzle Pizzle
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they're just covering their bases.....it's nothing personal.....usually you make an 'earnest payment' to cover their costs in preparation for closing, then you pay the rest at closing.......not just hand a check for the whole thing all up front.........that is highly unusual actually.
i've made buyers present a cashiers check at closing before.....a personal check is way too risky and out-dated these days. |
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FM
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Normally a person making an offer will be pre-approved or qualified by a bank or other financial institution. This means they would have had to provide information such as bank account and employment information (salary, etc..) to determine how much money they are able to borrow. In this situation the bank would have already verified the ability of the buyer to pay for the home. If you didn't go through this process and just said you had the funds, the seller would not have any way to know this. If someone was already checked by the bank process then the seller would know the offer is supported by the bank verification. |
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c
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It would be a typical request. If they accept your offer, they are essentially bypassing any other offers that they could get, and if the sale falls through because you didn't have financing or the funds they will be at a financial loss. Many buyers may even want a letter stating that you are pre-approved for a loan for the offer amount.
As long as you are smart you do not need to worry about them "stealing your identity." Just make sure that you are not sharing your account number/SSN/other pertinent info with them. |
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bob shark
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First of all, never make an unconditional offer on a house.
If you make an offer and they accept...YOU HAVE BOUGHT THE HOUSE.!!!
You can't then say you want it inspected, well, you can, but you can't back out of the deal because of the resiults of the inspection because you made an unconditional offer.
So if you have the money, make the offer subject to inspection.
As for cash, you can't buy it with money cash, but you can with a cheque, I don't know what the hassle is where you live
but here in Canada, I went looking for a house and told the agent I would pay cash, and I was treated like a King, No subject to selling my house, no subject to getting financing,
The offer gets accepted, It goes to the lawyers, and just before closing date, you give the money to your lawyer, the other lawyer delivers title, They trade money for title and add on their fees and life goes on.
I am looking for a house right now that I will pay cash (cheque For) $800,000, No one has asked me to prove I have it.
I don't understand your problem |
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Susan C
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If you were selling a House and had put your life savings into it wouldn't you want to be sure to get your money back out and that the buyer is legit?
This is your first house that you are buying. I sold the first house I built 16 years ago, last year. It may sound strange but it can be very difficult to let go of the memories you have built in the home. You need to make sure the person is "the right buyer" to take over your home. ( I use home not house!!!)
The money part of it is all secondary.
I think you are reading too far into it. It's a long stressful process on both sides.
Congratulations on your first home!!!!
Just a side note.............you may no want to spend your whole life savings buying a house. Mortgage rates are low right now and your money would be better off being invested and earning a conservative 10%. You would be also gain tax deductions on the mortgage interest you pay annually. This reduces your tax liability annually. Your home would need to appreciate annually out pacing what you would be earning if you invested the money. Will the home appreciate that much?
Money in your pocket is hard to replace once you spend it.
Have you talked to a financial advisor about what would work best for you and your finances????
You will want to keep some cash on hand incase you have unexpected repairs and/or you want to buy furniture or make some up grades to your home. Cash for these would be nice to have instead of having to use credit cards.
Also you can not have the home inspected until you make an offer and it is accepted. The offer is contigent on an inspection. Based on what you find /your inspector finds you can walk away from the offer based on those findings.
If the inspection goes well and you proceed with your offer, you sign papers and technically the house is more yours than theirs. They can not sell it to anyone else or change it or take thngs out that were part of the purchase agreement For example light fixture/ stove refrigerator etc...if you find issues during the inspection then you can modify your offer to cover some or all o the repairs needed.
The sellers risk is once they accept your offer they can not continue to entertain other offers. You can still walk away until those papers are signed. The risk for the seller again is you may. They will have paid another month's mortgage and lost selling time and potential buyers.
It's stressful being a seller...........My fiancee and I sold his house 22 months after it was listed $60,000 less than we listed it for. A buyer walked away who had put down an offer 6 weeks after we listed it. Their inspector found "issues"
There were no issues!!!!
We lost mucho dinero........to say the least......That was 22 months of double house payments:( His and our new house)
The process is undaunting but is in place to protect both parties!!!!
You'll be just fine!!!!! |
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wolfatrest2000
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If you make an offer and they accept, then they have to take the house off the market. So of course they want to know that you actually have the money. Since most people get pre-approved for a mortgage before buying a house, this doesn't usually come up. I wouldn't be insulted, they don't know you, so why should they trust you? You shouldn't give them any type of account information though, I'd ask the bank what they can give you as far as confirmation of funds available. If whatever they give you has your account number on it, then black it out. After all, you don't know the sellers, so why should you trust them? Good Luck with the house. |
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jeeccentricx2
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I would not let them do it yet...who knows what they will do to your account. |
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FMX
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It's not strange for that.. But in real estate yes. I'm sure you got a lawyer helping you with the sale and buying of this house? Give check to him, and the owner can't go wrong with a lawyer. But hey, if it gets you a house, and the owners "OUT!" then who cares, how ever you can do it, prof you got the 'mowwla' |
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