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We are moving to the LA area and our real estate agent has informed us that people in that area usually submit financial documentation along with the offer to purchase.
We bought homes in 4 different states before and never had to do that. We have letters that we are pre-qualified by two lenders but he says that is not sufficient. He says we need bank statements showing we have the money for the down-payment and pay-stubs. We are putting 20% down and are OK showing the bank statements but not the pay-stubs. Anybody dealt with this type of situation? Are this documents covered by any type of confidentiality?
Thanks
Seller is unlikely to balk if you only submit pre-qualified letters and a letter from your bank stating that you have the cash amount for the down payment. Sellers just want to know where the money is coming from to pay for the house. They want to see proof that you've got the money and are not wasting their time. They don't really care where you work or what you make, as long as the bank is OK with it.
Last thing I would ever do when trying to negotiate a price for a house is to let the seller know exactly how much money I have.
If you are asking the seller to carry paper, then that is different. They will rake you over the financial coals. But if the bank is paying for the house and the sellers walk away with the money and are done with the house, all they want is reassurance that you can close.
Seller is unlikely to balk if you only submit pre-qualified letters and a letter from your bank stating that you have the cash amount for the down payment. Sellers just want to know where the money is coming from to pay for the house. They want to see proof that you've got the money and are not wasting their time. They don't really care where you work or what you make, as long as the bank is OK with it.
Last thing I would ever do when trying to negotiate a price for a house is to let the seller know exactly how much money I have.
If you are asking the seller to carry paper, then that is different. They will rake you over the financial coals. But if the bank is paying for the house and the sellers walk away with the money and are done with the house, all they want is reassurance that you can close.
That is what I thought. I wonder how much of that is the real estate agents idea.
Apparently that is not the way they do it in LA. They must have had so many house sales fall through due to financing.
You are making an assumption that what your realtor is telling you is completely accurate and truthful. I'm a big fan of Realtors, but I wouldn't accept his/her word so easily.
Maybe call another realtor or two and confirm. Maybe post this questiin on the CD board that covers Sacramento.
Would sellers want such a thing?. When I sold my previous homes I didn't want to picture other people living in my home.
Yeah, I've never really understood this either. When a relative sold his home recently (multiple offers over asking) the successful bidder included a letter talking about how the grandchildren would love it, they had been searching so long for the perfect house, etc. Huh? It was kind of embarrassing -- TMI -- the thing that got them the house was their 10% over asking, all cash bid.
So I don't understand the personal letters -- do they really influence sellers?
You are making an assumption that what your realtor is telling you is completely accurate and truthful. I'm a big fan of Realtors, but I wouldn't accept his/her word so easily.
Maybe call another realtor or two and confirm. Maybe post this questiin on the CD board that covers Sacramento.
We are relocating to LA and we heard from other sources that it was common to give more financial information in order to make an offer. I just didn't expect it to be a paystub. In the past we had never supplied anything.
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