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A... |
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advgirl | I need a realtor's advice? |
My husband and I just bought a house for $129K. We orginally told the realtor we were going to finance 50% of it. Now, we are going to go ahead and pay all of it in cash. The realtor said we need a letter from the bank saying that there is enough money in the account to pay for it...does that sound right? Why do they need to know that? They WILL get their money when we pay for it. Does this sound riduculous? |
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Terry S
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Asking for "Proof of Funds" is normal and good business practice.
I handle clients who pay cash and I must get some kind of proof that they actually have the money they say they have BEFORE I can present the offer.
Any good Listing agent will see all cash checked on the Loan Status Report and ask to see some kind of statement (with account numbers blacked out) before they present my offer to the sellers.
Just good common sense.
Hope this helps
Terry
Http://www.Welcome2Arizona.com |
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Jeff H
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It is a good thing for the Realtor to ask you for a letter from the bank saying that you have enough funds in your account to meet your contract obligation. The letter does not have to say your true bank balance. It just has to say that you have the resources to pay the 129k plus enough funds to pay your part of the closing costs. The Realtor will then use that along with your offer contract to present to your seller. I like this Realtor for asking for the letter.
The first thing any seller will ask is how do I know that I will get paid? The letter handles that. What you can do too is make a large earnest deposit.
That said - since you are paying cash - GET A GOOD REAL ESTATE LAWYER on your side to review everything including your offer.
Legally, the REALTOR is usually paid by the seller and works for them. It is called a fiduciary responsibility. This Realtor sounds like he is doing his duty. |
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frankie b
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Not ridiculous at all. Its called providing proof of funds. Whey do not want to get their seller to the closing table only to find out you do not have enough money. Just a precautionary measure. No big deal. |
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ravensgirl
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you can't not just say oh i will pay this amount and then have them believe you, you need proof that you have the funds to do so. that's not a ridiculous request at all. and if you have the money why would it be a big deal proving that you do? that's an awful lot of money to say you are going to pay it in cash. |
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Joseph G
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It could be a law, real estate is funny. I worked in a realty office for a year, I saw a lot of strange things.
It could be that the seller just wants to know so they don't tie up the house under contract if you don't really have the money.
Forgive me, but why would you want to tie that much capital up in your home? If you have 129k in cash I would presume you have a good income. Have you considered just financing your home and using the rest of your capital to buy a rental property? This way the renter is paying part of your mortgage, and this way you have one house paid off (the rental) that is paying for the home you financined (the one you live in) and you have two properties. In the future, if you had a cash flow problem you could always sell the rental.
Just a thought. |
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jdecorse25
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That is not unreasonable. Don't take it personal. I know the first reaction is, "Are you saying I don't look like I can afford to pay cash?" but that is not her/his intention. They are protecting their client and wants to make sure that they don't get all the way to the closing table and you can't afford it. Just go to the bank and tell them what's going on, they will give you a letter stating that you have the funds in your account to cover a $129K purchase of a home. It won't and shouldn't state how much you actually have. |
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ron197192064
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They just want to ensure that the account has funds to cover the transaction. |
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Mr. Knowitall
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To clarify, you haven't officially "bought" the house yet, right? You've signed a purchase agreement? I don't think the realtor is being unreasonable; she's trying to protect her seller by making sure that it's still a solid deal.
If you were financing 50% (or any percentage for that matter) you would have to provide much more documentation, so I think this isn't too much to ask. |
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carmen m
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It is not ridiculous, the realtor wants to be sure that you really have the money. The bank is the one to know because they have your money, so they can say that you really have the money. Be on the sellers shoes and see how it makes sense.
Congratulations in your new house... |
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charlie3388
 |
Depending on how your loan is structured some banks will charge you interest for the early release of the loan and others will still charge you interest over the whole period.
Best Wishes
Charles Wilson
www.joynet.com.au |
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