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Hi folks,
Near closing on a piece of rural land that is being financed by the land owner (my neighbor). I am to submit a credit report, W2, and a "financial statement".
How detailed do I need to get with a financial statement and what exactly does it encompass? Can I find a template to follow online?
Hi folks,
Near closing on a piece of rural land that is being financed by the land owner (my neighbor). I am to submit a credit report, W2, and a "financial statement".
How detailed do I need to get with a financial statement and what exactly does it encompass? Can I find a template to follow online?
Thanks.
You could always ask the seller what they want in a statement. It's likely they want some form of documentation like bank statements that prove you have the funds to close and make your payments. It may also include details of your assets, net worth, etc. But ask to be sure.
More than likely he's just wanting Bank Statements and any other financial accounts you have like a 401K or IRA. He's not looking for a spreadsheet of any kind as those can be made-up numbers.
You will more than likely need what others here have stated. The one detail you want to make sure of that you have is that it is an official document.
For example going to the bank and having THEM print your most recent quarterly bank statement. It will have their company logo and look far better than you printing on a computer at home. You can also download exact copies of your most recent statements if you belong to a major banking institution like Bank of America, Wells Fargo etc.
Thanks, it turned out to be a very simple spreadsheet I put together. Nothing more. Gotta love small town folks
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