Admin

Spam prevention
Rainmaker
8,110,837
Roy Kelley
Retired - Gaithersburg, MD

Requiring a proof of funds is a very good policy.

Jan 19, 2016 12:08 AM
Rainmaker
979,796
Troy Erickson AZ Realtor (602) 295-6807
HomeSmart - Chandler, AZ
Your Chandler, Ahwatukee, and East Valley Realtor

Jeff - All offers pretty much require a proof of funds or pre-approval letter from the lender when submitted, or they won't be taken seriously. In regards to Earnest Money, typically needs to be submitted upon contract approval.

Jan 21, 2016 03:12 AM
Rainmaker
5,978,571
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

If I submit a cash offer, definitely provide POF, as well as when I am the listing agent.   We typically don't get copies of the EM check anymore.

Jan 20, 2016 07:38 AM
Rainer
65,402
Arica Mitchell
Song Real Estate at Hybrid Real Estate - Eugene, OR
Realtor

Yes,  POF are needed for cash offers.  They can delete their personal account information.  The title companies in our area send copies of the EMD when compelted and we keep these in our file.

Jan 19, 2016 01:41 PM
Rainer
80,653
Linda Guess
Keller Williams Tri-Lakes Branson, MO - Branson, MO
Branson area real estate sales.

I require a copy of the EMD and a prequalification letter.  I ran into a problem where the buyer had some of his money in a safe deposit box.  Proof of funds earlier would have resolved that issue.

Jan 19, 2016 12:03 PM
Ambassador
6,649,428
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

I only provide it when required, mostly for reo properties.  For others our reputation of never having failed to close on a property in several decades of investing gets the offers accepted

Jan 19, 2016 11:21 AM
Rainmaker
1,713,581
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

Yes on both counts since we are so geared to electronic forms and digital signatures.

Jan 19, 2016 11:03 AM
Rainmaker
5,238,916
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

As a listing agent if it's a cash offer I want to see proof of funds. If its a loan a pre-approval letter. Always a copy of an acceptable  EMD and Option check.

Jan 19, 2016 10:59 AM
Rainmaker
140,768
Joan Dickie
Keller Williams Premier Realty - La Crosse, WI
Keller Williams Premier Realty

I do require it and I make sure it is sent to the listing agent the next day, so the lender can put the address on the letter.

you have to be careful these days with POFs.  There are places on the 'net where you can get fake ones.

Jan 19, 2016 10:56 AM
Rainmaker
2,234,653
Debbie Laity
CinaJones Real Estate - Cedaredge, CO
Your Real Estate Resource for Delta County

I do require a copy of the earnest money unless there's an alternative EM date in the contract. While a pre approval or proof of funds letter is nice, it's not always required. 

Jan 19, 2016 10:35 AM
Rainmaker
2,228,380
Anthony Acosta - ALLATLANTAcondos.com
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

If I submit an offer, I submit POF if the buyer is paying cash and a pre approval if they are financing.  I set the EMD to be turn in within 3 days after binding agreement day. I normally submit a copy of the EMD to the listing agen once collected.

Jan 19, 2016 10:04 AM
Ambassador
2,182,283
Silvia Dukes PA, Broker Associate, CRS, CIPS, SRES
Tropic Shores Realty - Ich spreche Deutsch! - Spring Hill, FL
Florida Waterfront and Country Club Living

Usually, I submit POF and  copy of the escrow check with the offer and appreciate it if others do the same. Most offers I get come with POF but not necessarily with a copy of the deposit check. However, our contracts have a provision to provide EMD within three days of acceptance so it's not such a big issue. 

Jan 19, 2016 09:01 AM
Rainmaker
1,533,714
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

Yes.  Most sellers require it.

Jan 19, 2016 08:17 AM
Rainmaker
1,209,271
Amanda Christiansen
Christiansen Group Realty (260)704-0843 - Fort Wayne, IN
Christiansen Group Realty

Yes and yes.  

Jan 19, 2016 08:10 AM
Rainmaker
3,986,423
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

I ask for proof on cash deals

Jan 19, 2016 08:03 AM
Rainmaker
2,836,729
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Proof of funds upfront before discussion it or what is the point of discussing?

Jan 19, 2016 07:26 AM
Rainer
150,466
Michael Thacker - Re/Max Real Estate Center - Louisville
Re/Max Real Estate Center - The Thacker Group - Louisville, KY
Your best friend who just happens to be a Realtor

Yes, proof of funds or approval letter is pretty much a given here these days. What is a EMD?

Jan 19, 2016 07:13 AM
Ambassador
3,209,814
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

I only submit if it's asked for in the MLS.  I always have it on hand, but only submit when asked.  

And we typically now collect EMD after an offer is accepted. Our contract actually states EMD of ____________ amount to be paid within _____ days of accepted offer.  (most everyone uses this method in my market)

Jan 19, 2016 06:06 AM
Rainmaker
152,917
Chrissi Chapman Topoleski
Coldwell Banker Realty - Woodbridge, VA
Helping agents live an exceptional life!

I forgot to include a copy of the EMD on an offer last night and the agent requested it. In my experience, most agents in this area want POV on a cash deal and a copy of the check on all transactions.

Jan 19, 2016 05:30 AM
Rainmaker
1,466,257
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Jeff Dowler CRS Yes, if it a cash deal. I always submit a copy of the EMD check with the offer.

Jan 19, 2016 05:15 AM
Rainmaker
1,645,671
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • GRI • HAFA • PSC • Short Sale • Probate

Yes, I would not send or accept offer without a sufficient POF and PQ from a lender . 

Jan 19, 2016 04:58 AM
Rainmaker
4,800,282
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

It depends on the home and the circumstances.  Sometimes, is the best answer I can give you.  It's a state requirement that we see confirmation of the EMD.

Jan 19, 2016 04:04 AM
Ambassador
3,416,110
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate Services

Yes, I provide proof of funds with offers and require proof of funds to be submitted with offers.  Copy of an EMD ... with proof of fund and most folks wiring money into escrow ... the proof of funds covers that ... in my opinion.

Jan 19, 2016 02:38 AM
Rainmaker
4,273,325
Paul S. Henderson, REALTOR®, CRS
Fathom Realty Washington LLC - Tacoma, WA
South Puget Sound Washington Agent/Broker!

 I do require Proof of funds for cash offers and for  large earnest money deposit ....

Jan 19, 2016 02:27 AM
Rainmaker
617,985
David Gibson CNE, 719-304-4684 ~ Colorado Springs Relocation
Colorado Real Estate Advisers LLC - Colorado Springs, CO
Relocation, Luxury & Lifestyle residential

Jeff,
The Colorado contract provides for “alternative earnest money deadline” so earnest money is always deposited after the offer is accepted.

 

We have a very high ratio of VA loans here with zero down so there is no need for POF. On upper end houses we might require POF.

Jan 19, 2016 02:27 AM
Rainmaker
1,513,143
Raymond E. Camp
Ontario, NY

All cash offers here require proof of funds or they will not look at it.

When the EOD is gotten all offices in the transaction need to have a copy.

Jan 19, 2016 02:05 AM
Rainer
61,641
Renee Paray
Coldwell Banker Realty - Blue Bell, PA
REALTOR

I include the EMD or a photocopy with the offer. If the seller required BFI than that is submitted next. 

Jan 19, 2016 01:58 AM
Rainmaker
5,584,178
Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

we always receive a copy of the check....or the original if the offer is hand delivered....

Jan 19, 2016 12:47 AM
Rainer
223,950
LUXURYSOCALREALTY COMPASS La Jolla
Compass - La Jolla, CA
San Diego Partner - The Private Client Network

always I feel like submitting an offer without is stupid.  Buyers don't always like hearing that.

Jan 19, 2016 12:46 AM
Rainmaker
1,259,358
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

In our area: EMD, POF, OFFER, Release of some contingencies like inspection or often remove all contingencies at the time of offer .except loan approval.

With a loan, we have loan agent calling listing agent stating strong buyer and pledge close at promised. 

Sam Shueh

 

Jan 19, 2016 12:39 AM
Rainmaker
3,988,138
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

We are required by the state to have a copy of the EMD in our file. I want to see a POF early in the transaction to see if the buyer has their ducks in a row.

Jan 19, 2016 12:39 AM
Rainer
98,873
Becca Rasmussen
HomeSmart Cherry Creek - Highlands Ranch, CO

I plan to provide proof of funds (cash / seller-financed) or pre-approval letter (financing) in the exact amount of the offer only. Otherwise, we're tipping our buyer's hand in terms of being able (if not willing) to pay more and that's not in their best interest.

Earnest money would be delivered with the offer, or, if using an alternative deadline, as per the contract with no prior proof of funds for this required or provided.

Jan 19, 2016 12:37 AM
Rainmaker
1,027,657
Susan Haughton
Long and Foster REALTORS (703) 470-4545 - Alexandria, VA
Susan & Mindy Team...Honesty. Integrity. Results.

Yes and yes to both. 

Jan 19, 2016 12:18 AM
Rainmaker
1,095,530
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

Yes and yes, if cash offer. If seller financed, proof of funds to close. I add verbiage that earnest dep is to be mailed or wired to arrive no later than x business day so there is a dropdead.

Jan 19, 2016 12:16 AM
Rainmaker
5,085,659
Richard Weeks
Dallas, TX
REALTOR®, Broker

Proof of funds or pre approval letter yes.  EMD not really.

Jan 19, 2016 12:10 AM
Rainmaker
2,428,290
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

Only if it's a cash offer when I'm writing an offer

Jan 19, 2016 12:06 AM
Rainmaker
1,677,946
John McCormack, CRS
Albuquerque Homes Realty - Albuquerque, NM
Honesty, Integrity, Results, Experienced. HIRE Me!

Proof of funds yes at time of offer.  

Jan 19, 2016 12:04 AM