1,052,211
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.😈
-
Pete Xavier
Pacific Palisades, CA
-
Debe Maxwell, CRS
Charlotte, NC
-
Chris Ann Cleland
Gainesville, VA
-
Kat Palmiotti
Kalispell, MT
-
Margaret Rome Baltimor...
Pikesville, MD
-
Susie Kay
Plano, TX
-
Lyn Sims
Schaumburg, IL
-
Ron and Alexandra Seigel
Carpinteria, CA
-
Nina Hollander, Broker
Charlotte, NC
-
Mott Marvin Kornicki
Sunny Isles, FL
-
John Marshall - FORE!
Cherry Hills Village, CO
-
Peter Testa
Danbury, CT
-
Joseph Domino 480-390-...
Scottsdale, AZ
-
Candice A. Donofrio
Fort Mohave, AZ
-
Richard Weeks
Dallas, TX
-
Michael Jacobs
Pasadena, CA
508,318
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.
-
Pete Xavier
Pacific Palisades, CA
-
Debe Maxwell, CRS
Charlotte, NC
-
Susie Kay
Plano, TX
-
Kathleen Daniels, Prob...
San Jose, CA
-
Nina Hollander, Broker
Charlotte, NC
-
Mott Marvin Kornicki
Sunny Isles, FL
-
Candice A. Donofrio
Fort Mohave, AZ
4,572,117
Regardless of the offer type, "proving" a buyer's ability to successfully close a transaction is essential as far as I am concerned.
-
Debe Maxwell, CRS
Charlotte, NC
-
Susie Kay
Plano, TX
-
Kathleen Daniels, Prob...
San Jose, CA
-
Peter Testa
Danbury, CT
-
Richard Weeks
Dallas, TX
-
Candice A. Donofrio
Fort Mohave, AZ
758,035
I need to see their bank statement(s) or a bank letter that says they have the funds.
-
Debe Maxwell, CRS
Charlotte, NC
-
Susie Kay
Plano, TX
-
Michael Jacobs
Pasadena, CA
-
Nina Hollander, Broker
Charlotte, NC
-
Candice A. Donofrio
Fort Mohave, AZ
5,104,931
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.
-
Richard Bazinet /MBA, ...
Scottsdale, AZ
-
Michael Jacobs
Pasadena, CA
-
Candice A. Donofrio
Fort Mohave, AZ
-
Kathleen Daniels, Prob...
San Jose, CA
3,345,091
Jerry Maguire them ... all of them.
-
Richard Bazinet /MBA, ...
Scottsdale, AZ
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
-
Nina Hollander, Broker
Charlotte, NC
1,153,794
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.
-
Pete Xavier
Pacific Palisades, CA
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
2,781,173
Written proof can be forged. Need live verification with banking department
-
Pete Xavier
Pacific Palisades, CA
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
509,449
I usually ask for a bank statement or a letter from the bank, and an officer at the bank that I can contact.
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
-
Susie Kay
Plano, TX
1,844,291
Yes we do & I remember once seeing a Citibank monthly statement in rupies.
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
-
Candice A. Donofrio
Fort Mohave, AZ
5,772,575
What Candice A. Donofrio said perfectly, no point repeating. A
-
Pete Xavier
Pacific Palisades, CA
-
Candice A. Donofrio
Fort Mohave, AZ
-
Michael Jacobs
Pasadena, CA
5,583,278
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....
-
Debe Maxwell, CRS
Charlotte, NC
-
Candice A. Donofrio
Fort Mohave, AZ
-
Michael Jacobs
Pasadena, CA
87,920
Yes, POF and preapproval along with the offer before it to be presented to a seller.
-
Debe Maxwell, CRS
Charlotte, NC
-
Candice A. Donofrio
Fort Mohave, AZ
-
Michael Jacobs
Pasadena, CA
911,338
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.
-
Debe Maxwell, CRS
Charlotte, NC
-
Candice A. Donofrio
Fort Mohave, AZ
-
Michael Jacobs
Pasadena, CA
343,050
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!
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
-
Nina Hollander, Broker
Charlotte, NC
140,560
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.
-
Debe Maxwell, CRS
Charlotte, NC
-
Susie Kay
Plano, TX
-
Michael Jacobs
Pasadena, CA
5,229,945
Exactly as Candice A. Donofrio answered!
-
Pete Xavier
Pacific Palisades, CA
-
Candice A. Donofrio
Fort Mohave, AZ
92,082
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.
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
5,049,058
Copy of bank statement showing sufficient funds for closing or a letter from the bank
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
3,854,892
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
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
1,502,998
Copy of a bank statement showing the funds.
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
544,014
Copy of bank statement or letter from bank manager
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
7,836,134
A letter from the bank.
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
628,764
Hopefully you have a large non refundable EMD and a bank statement showing funds to close.
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
4,882,355
That is the clients decision not mine.
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
1,239,901
All offers at the time presenting requires proof.....
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
2,220,323
I present the offer to my seller and if it's not accompany with proof of funds, we request documentation.
-
Anthony Acosta - ALLAT...
Atlanta, GA
6,393,179
Letter from a financial institution.
-
John Marshall - FORE!
Cherry Hills Village, CO
2,339,248
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 .
-
Pete Xavier
Pacific Palisades, CA
4,434,127
5,216,398
A letter from the bank holding the funds saying they are available to close on the property
-
Michael Jacobs
Pasadena, CA
5,868,482
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.
763,883
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.
4,936,610
719,838
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.
3,071,489
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.
716,049
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.
764,882
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.
1,725,996
A current proof of funds on a reputable, verifiable bank letterhead with the buyers' name. Account numbers can be blocked out for security
921,504
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)
4,800,082
4,319,419
3,164,294
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.
3,986,258