“But, Emerald, I’m a cash buyer, so why don’t you just open up the house?”
A cash buyer is not as rare as you might think. More and more people are electing to do away with the middle man and save money on mortgage fees and interest rates by paying cash for their home, and that’s fantastic! Paying cash for a home opens all kinds of doors and saves all kinds of time and money. But that’s another post for another day, right now, we need to answer the question of “why do you need proof I have cash?” Simply put, it’s my job to verify you are who you say you are and you have the money to purchase the home. It’s a liability for the seller to have people in their home and so, they only want to show to serious buyers. Cash buyers need to have their proof of funds ready before they try to set up an appointment with a listing agent or a buyer’s representative agent. What are proof of funds? Usually, the most recent bank statements that show you have at least the asking price of the home you are wanting to see will suffice, but they can also be money market statements, or statements from other financial investment accounts. ALWAYS BLACK OUT ACCOUNT NUMBERS!! The agent doesn’t need this. (Nor should they want it!) If they say they do need account numbers, hang up and call another agent. (Preferably, me!) The proof of funds statements should have your name, the bank or financial institution name, address and phone number, the appropriate dollar amounts and be dated within the last 30 days. The agent will then call the bank or investment firm and verify the validity of the document. It’s a simple process that protects everyone involved.
Emerald Scott, Realtor,
EXP Realty LLC, Dallas/Fort Worth, TX
EXP Realty LLC, Dallas/Fort Worth, TX
Emerald@emeraldsellshomes.com* 214-533-8191
** I am not an attorney and cannot give
legal advice. **
legal advice. **
(But I know some good ones if you want
recommendations)
recommendations)
2 thoughts on “What We Wish You Knew About Real Estate…. Pre-Qualifications, Pre-Approvals & Proof of Funds”