John Marshall - FORE!, Specializing in Golf Course Properties (LoKation Real Estate)

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Rainmaker
938,355
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

Let me answer that question as a buyer's agent advising my client.

The listing office and the seller only need to know that you have sufficient funds for this transaction at the deal price we're proposing.

So I want you to get a letter from your bank on letterhead that states that you have sufficient funds to close a transaction at X dollars.

As a listing agent, I find that absolutely sufficient.

However, as a listing agent I would love to see your bank statement that shows that you have a lot more money than you're offering so that we can try to get more money from you.ūüėą

Jun 25, 2018 10:39 AM
Rainmaker
430,234
Joseph Domino 480-390-6011
HomeSmart - Scottsdale, AZ
Real Estate Made Easy

I think the most important aspect is that the proof be verifiable. A bank statement or funds letter can be forged. So being able to verify it with a bank officer is important. The buyer should let the bank know that the seller may be calling to verify the authenticity.

Jun 25, 2018 11:07 AM
Rainmaker
4,244,779
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Regardless of the offer type, "proving" a buyer's ability to successfully close a transaction is essential as far as I am concerned. 

Jun 25, 2018 10:39 AM
Rainmaker
704,532
Peter Testa
Nationwide Homes - Danbury, CT
PETER TESTA

I need to see their bank statement(s) or a bank letter that says they have the funds. 

Jun 25, 2018 11:08 AM
Rainmaker
4,433,184
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Copy of bank statements showing available fund; letter from their banker or financial advisor stating there are sufficient funds to cover the cost of the purchase.

Jun 25, 2018 12:00 PM
Ambassador
3,145,610
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

Jerry Maguire them ... all of them. 

Show Me The Money!!!

Jun 25, 2018 11:57 AM
Rainmaker
1,135,646
Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

A letter from your financial institution or portfolio manage will suffice. Something verifiable with dates and signature of the issuing party which basically says YES, you can afford it.

Jun 25, 2018 05:52 PM
Rainmaker
2,683,902
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Written proof can be forged. Need live verification with banking department

Jun 25, 2018 04:38 PM
Rainmaker
508,854
Susie Kay
Ultra Real Estate Dallas Fort Worth - Plano, TX
North Dallas Specialist

I usually ask for a bank statement or a letter from the bank, and an officer at the bank that I can contact.  

Jun 25, 2018 02:32 PM
Rainmaker
1,759,389
Lyn Sims
Schaumburg, IL
Real Estate Agent Retired

Yes we do & I remember once seeing a Citibank monthly statement in rupies.

Jun 25, 2018 02:07 PM
Rainmaker
5,767,371
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

What Candice A. Donofrio said perfectly, no point repeating.  A

Jun 25, 2018 01:34 PM
Rainmaker
5,579,193
Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

all that's required is a letter from the institution that has that amount of cash sitting in it....on letter head and specifying the amount to cover the sale price and closing costs.... 

Jun 25, 2018 01:19 PM
Rainer
87,920
Jeff Perlis Prime Properties
Prime Properties - Lake Arrowhead, CA
Experience Your Own Transformation!

Yes, POF and preapproval along with the offer before it to be presented to a seller.

Jun 25, 2018 01:13 PM
Rainmaker
868,138
Jeff Pearl
RE/MAX Distinctive / LIC in VA - Lovettsville, VA
Full Service Full Time Realtor

Our office doesn't need to see anything at that point. The offer would look stronger to the sellers if it had a current proof of Funds letter from their bank.

Jun 25, 2018 12:33 PM
Rainmaker
340,175
Mott Marvin Kornicki
Waterway Realtors¬ģ ‚ÄĘ Notary Public & Apostille - Sunny Isles, FL
Miami Notary & Apostille 786-229-7999

Good to have a POF letter or a recent bank statement showing sufficient funds to consummate the transaction. As mentioned earlier by Richard L. McKinney P.A. - a good deposit and a good contract should be sufficient!

Jun 25, 2018 11:54 AM
Rainer
140,510
Richard L. McKinney P.A.
Atlantic Shores Realty Expertise - Port St Lucie, FL
For Results that MOVE you on the Treasure Coast!

Well, I present the offer. 

Our office does not require "proof of funds" but I will usually ask for it. 

Proof of funds is not really necessary. This practice was implemented by banks during the foreclosure crisis because they wanted to separate the true cash buyers (ready to close asap) from buyers that were delaying the process by trying to get a loan or heloc or pull the money from other investments but making a "cash offer".

Before the foreclosure crisis nobody asked for proof of funds. 

Now, if I were representing a buyer, I would make sure to have it to present with the offer bc I know the listing agent will most likely want it. 

When acting as the listing agent, yes, I would like to see it. But I would not walk away from a cash deal just bc I did not see the pof. The contract and the deposit are what really matters. 

Jun 25, 2018 11:02 AM
Ambassador
4,511,654
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

Exactly as Candice A. Donofrio answered!

Jun 25, 2018 07:17 PM
Rainer
92,032
Jon K. Judd
Keller Williams Realty - Central Delaware - Dover, DE
GRI, e-PRO, SFR, Delaware Homes

Typically a letter on letterhead from the bank stating availability of funds to cover the amount that would be needed.... supporting bank statements would be good too.

Jun 25, 2018 04:27 PM
Ambassador
4,721,883
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Copy of bank statement showing sufficient funds for closing or a letter from the bank

Jun 25, 2018 04:14 PM
Ambassador
3,605,559
Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

 

Whether my buyer or my listing... contract does not get presented without POF. It can be bank letter/ statements, it can be a letter from their CPA or their attorney.. that sufficient funds are available.

SMTM

Jun 25, 2018 03:26 PM
Rainmaker
1,424,950
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

Copy of a bank statement showing the funds.

Jun 25, 2018 03:24 PM
Rainmaker
536,432
Dave Halpern
Dave Halpern Real Estate Agent, Inc., Louisville, KY (502) 664-7827 - Louisville, KY
Louisville Short Sale Expert

Copy of bank statement or letter from bank manager

Jun 25, 2018 02:49 PM
Rainmaker
6,966,338
Roy Kelley
Retired - Gaithersburg, MD

A letter from the bank.

Jun 25, 2018 02:08 PM
Rainmaker
523,881
Buzz Mackintosh
Mackintosh REALTORS - Frederick, MD
‚ÄúExperience, reliable, leadership‚ÄĚ

Hopefully you have a large non refundable EMD and a bank statement showing funds to close.

Jun 25, 2018 12:37 PM
Rainmaker
4,300,798
Richard Weeks
Dallas, TX
REALTOR¬ģ, Broker

That is the clients decision not mine.

Jun 25, 2018 10:50 AM
Rainmaker
1,178,943
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

All offers at the time presenting requires proof..... 

Jun 25, 2018 10:42 AM
Rainmaker
2,100,602
Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS¬ģ - Atlanta, GA
Associate Broker

I present the offer to my seller and if it's not accompany with proof of funds, we request documentation. 

Jun 26, 2018 08:13 PM
Ambassador
5,698,869
Bob Crane
Woodland Management Service / Woodland Real Estate, EXP - Stevens Point, WI
Forestland Experts! 715-204-9671

Letter from a financial institution.

Jun 25, 2018 07:52 PM
Ambassador
2,177,042
Hannah Williams
HomeStarr Realty - Philadelphia, PA
Expertise NE Philadelphia & Bucks 215-820-3376

Absolutly anyone can say they have cash . There are some agents who write offers saying it  it not contintingient on mortgage financing .

As a listing agent YES want to see a bank statment showing proof of funds or mutual funds that can be cashed out by time of final settlement .

Jun 25, 2018 07:23 PM
Rainmaker
4,433,809
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Others have answered.

Jun 25, 2018 04:39 PM
Rainmaker
4,509,621
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

A letter from the bank holding the funds saying they are available to close on the property 

Jun 25, 2018 03:02 PM
Rainmaker
5,264,612
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Have accepted a letter from a bank representative, or had a photo of the bank acct with the bank name, borrower's name and amount.

Jun 28, 2018 06:50 AM
Rainmaker
687,723
Tony Lewis
Summit Real Estate Group - Valencia, CA
Summit Real Estate Group Valencia & Aliso Viejo

Our company doesn't get involved.  We get verification from the account directly.  Cash offers think that they are stronger than they really are as more of them seem to fall out of escrow than those getting financed.

Jun 26, 2018 01:33 PM
Rainmaker
4,278,275
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Atement least the bank statement

Jun 26, 2018 11:06 AM
Rainmaker
706,076
Sharon & Bruce Walter
Keller Williams Realty Lafayette, IN - Lafayette, IN
West Lafayette homes for sale

Yes, we require that it be a current letter from a trusted financial institution. We will make sure that the funds are LIQUID where the buyer has the ability to move the funds to close within the alloted time to close the transaction.  

Jun 26, 2018 07:51 AM
Rainmaker
3,070,784
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

A letter from the entity holding the funds with "standard" language confirming the funds, contact info for the entity, and buyer name must match name on proof of funds.

Jun 26, 2018 07:42 AM
Rainmaker
711,284
Richard Bazinet /MBA, CRS, ABR
West USA Realty - Scottsdale, AZ
Phoenix Scottsdale. Sellers, Buyers & Relocations

I require documentary and verifiable proof that the funds are sufficient, available and liquid. For example, a copy of a bank account with all the details, a signed dated letter by a financial institution on letterhead with a real name, phone # and email address. I verify that the information is true and accurate.

Jun 26, 2018 06:42 AM
Rainmaker
716,022
John Marshall - FORE!
LoKation Real Estate - Cherry Hills Village, CO
Specializing in Golf Course Properties

Thank you all for the response, I have always asked for proof of funds, in many of the forms that you have all suggested, I recently found out that the best proof of funds is a Letter of Guarantee from the institution, which is notarized, it not only guarantees that the buyer has the funds, but it also guarantees that they have sole and immediate access to all of these funds.

Jun 26, 2018 06:07 AM
Rainmaker
1,667,326
Sandy Padula and Norm Padula, JD, GRI
HomeSmart Realty West - Carlsbad, CA
Presence, Persistence & Perseverance

A current proof of funds on a reputable, verifiable bank letterhead with the buyers' name. Account numbers can be blocked out for security

Jun 26, 2018 05:53 AM
Rainmaker
914,708
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

Depends on the contingencies left on the table. Buyers are well protected in Florida.

So, that offer needs to be accompanied with an 'accessible contact' AND a sizable piece of cash suggesting this offer is real and that cash is at risk.

And those purchase dollars must be in a USA bank and the contact can not be Johnny Fleming, ESQ, Jakarta, Indonesia. (factious name and location)

Jun 26, 2018 05:49 AM
Rainmaker
4,799,651
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

A letter from the financial institution.

Jun 26, 2018 05:27 AM
Ambassador
4,316,065
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

John Marshall - FORE! - Proof of funds for sure.

Jun 25, 2018 10:43 PM
Ambassador
3,071,241
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

It totally depends on the offer.  Example I got one recently where it was in the offer that it's part of a 1031 tax free exchange so I know they don't have "proof of funds" as of yet because the other property hasn't closed.  We got a copy of the other contract from them and talked to the other buyers loan officer and my sellers were good with accepting their offer.  On friday the other property closes and the funds will be wired directly to the new closing attorney for the property I have listed. 

Jun 25, 2018 08:57 PM
Rainmaker
3,986,000
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

I  ask for hard proof

Jun 25, 2018 08:21 PM