Quote:
Originally Posted by TexasHorseLady
They didn't even ask for proof of funds? Very foolish. Lots of people can (and do) SAY they are high income earners. Some are, some are running a scam.
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Like I said, I've never been asked for proof of income or even pre-approval letter. First 2 homes I've purchased, used a real estate agent. Seller agent never asked. These were for 500-600K homes I purchased.
Latest home, I did not use an agent. It was a FSBO transaction. Homeowner didn't ask for proof either.
Before I closed on this home I had looked at several homes with an agent that was selling our current home at the time, put an offer on a property. But they didn't ask for proof either. This latest offer I made with my agent was just last month (July 2012). Home was listed 880K. Offered them 800K as my final offer with 373K down but they turned it down. No one ever questions me.
Of course there are scammers out there. It's pretty easy to google people and see who they are. The people I sold my home too. I didn't need proof of income. I knew they were putting down 20% downpayment. If someone is putting $100-200K down on a home or 20% of whatever amount, it's a pretty good sign they can afford the home. I'd be concerned if they were putting less than 10% down on their finances.
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