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Out here we don't provide proof of funds for cash until after mutual acceptance. It is due to the seller within 2 business days. This goes both ways. Typically I agree with others that you just provide documentation for just your offer amount or cash amount. There are exceptions. We have multiple offers here often in certain price points and I will provide a lender letter indicating the buyer can qualify for a higher amount in multiple offers. I want to reassure the seller that my buyer is well qualified and can easily handle the purchase of the house.
I just got an acceptance in a multiple offer situation for a buyer this morning doing just that. Your buyer agent should do what makes the most sense strategically.
In March in Texas I was in the market to buy a house because the lease on the rental property where I stayed was ending and the landlord would not extend. I bid on a house that was a bit high priced through a realtor. We provided bank statement as proof of our ability to purchase. However the deal fell apart because my spouse decided not to purchase.
We then bid on a lower priced house. My sneaky realtor used the bank statement from the higher priced house to make the offer. As a result the seller would not negotiate a lower price. When I asked the reator to show me other lower priced house, he said the construction was not good. He would not even provide me comparables of other houses in the area.
In the end I ended up paying a higher price because I had a deadline. Is there anything I can do about this realtor?
Did you sign a buyer's broker agreement with this realtor? If so, you could sue him for not acting in your best interest.
PS Even a buyer's broker will not always act in the buyer's best interest since the size of commissions are tied in to purchase price. Read the recent thread on buyer's brokers.
All of the realtors I have dealt with are pretty sneaky and unethical. There seems to be no regulations or ethics of any type in this business.
That has nothing to do with real estate. It's the commission sales business. When your paycheck depends on how much you sell, you think differently. If you think about it, there is really no regulation in any sales based business.
Did you sign a buyer's broker agreement with this realtor? If so, you could sue him for not acting in your best interest.
PS Even a buyer's broker will not always act in the buyer's best interest since the size of commissions are tied in to purchase price. Read the recent thread on buyer's brokers.
Sue the realtor for what? What damages were incurred?
I disagree. I work in technology sales and am a sales professional. We cannot intentionally misrepresent products to order to gain a sale. My firm would rather lose the sale than mislead a client. At least from my experiences, misrepresentation is rampant in real estate transactions.
Quote:
Originally Posted by 399083453
That has nothing to do with real estate. It's the commission sales business. When your paycheck depends on how much you sell, you think differently. If you think about it, there is really no regulation in any sales based business.
I disagree. I work in technology sales and am a sales professional. We cannot intentionally misrepresent products to order to gain a sale. My firm would rather lose the sale than mislead a client. At least from my experiences, misrepresentation is rampant in real estate transactions.
Having worked in the real estate field for quite a few years, I have to agree with you.
I disagree. I work in technology sales and am a sales professional. We cannot intentionally misrepresent products to order to gain a sale. My firm would rather lose the sale than mislead a client. At least from my experiences, misrepresentation is rampant in real estate transactions.
There are many other threads that will support you oppinion. The only way to clean up the system is to have little or no commission paid for completing a form. Hopefully, more people will utilize for sale by owner sites so people like the OP won't have to give their personal information to a sales person.
there is no proof that offering the bank statements with the higher amount is what made the deal fall through.
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