buying property with cash, realtor wants proof of funds prior to viewing property (documents, agent)
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I had mentioned to a realtor that I may be paying in cash if I liked the property. I've seen the outside and pictures inside and know the area of its location. The realtor asked me to take a picture of funds showing I have it. He said this is standard protocol. Is this true or is this guy bluffing and or lazy to show me the inside first before I show him the money? The house is listed for around $30K. I had asked if I could get it lower and he said sometimes it's possible if it's bank owned or short sale, etc.
Not unusual. The seller probably wants to know you are a serious, potential buyer and not just a "tire kicker". Obviously you aren't going to show up with a briefcase full of cash. A letter from your bank showing the funds availability should suffice.
Some Realtors require a buyer to be at least prequalified before showing houses. It's a waste of time and resources to show people houses they cannot afford. It makes sense that an agent would want to see some sort of proof of funds prior to investing time and resources into showing you houses.
Agents are in business. It's a smart business decision to confirm people can actually buy something before spending time, gas money, etc. with them. Remember, at the end of the day a purchase requires funds. Whether the funds are personal or from a bank in the form of a mortgage. It makes business sense to confirm you have the funding to purchase.
we paid cash for house 6 months ago and had to give realtor a copy of bank statement signed by bank officer beforehand. I guess it's fairly normal now -- at least in some markets.
That's pretty common. I've done a number of cash transactions over the years and more times than not, the realtor wanted to see some sort of bank documents showing I actually have the money or ability to pay.
Some agents might show you properties first, and only ask for proof of funds if you are about to make an offer, others will want to see it before they show you around. But what you d scribe is by no means unusual.
we paid cash for house 6 months ago and had to give realtor a copy of bank statement signed by bank officer beforehand. I guess it's fairly normal now -- at least in some markets.
Especially if they don't know you from Adam. They can't tell if you're a wealthy or not just by talking or looking at you.
It's the cash buyer equivalent of a pre-approval letter. Personally, I think it's a bit much to ask for it prior to a viewing, I would operate on the basis that the buyer's agent has seen it or they wouldn't be working with that buyer and limiting the houses they look at to things the buyer can reasonably afford. It should be provided to the seller/seller's agent if an offer is made.
But I guess in some markets, it may be customary to provide it prior to showings? You may want to ask in one of the location specific subforums to see if it's the norm in your area, or at least say where you are located on this thread so people with more specific information about that location can comment.
I had mentioned to a realtor that I may be paying in cash if I liked the property. I've seen the outside and pictures inside and know the area of its location. The realtor asked me to take a picture of funds showing I have it. He said this is standard protocol. Is this true or is this guy bluffing and or lazy to show me the inside first before I show him the money? The house is listed for around $30K. I had asked if I could get it lower and he said sometimes it's possible if it's bank owned or short sale, etc.
Why would a realtor want to waste their time showing a property to a person who can't afford it or for a cash sale because the home won't pass financing inspection? '
Either get prequalified if it's not a cash sale home or show proof of cash in your account.
Yes, this is typical procedure if you are paying cash and the property is bank owned then yes they will want proof of funds because these types of properties don't always allow financing. They want to make sure you have the funds.
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