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First of all, I suspect the contract has a condition requiring of PQ or POF by a certain time frame or you have the opportunity to void it. Check the contract and see, and if that's the case just request a copy with a name. It shouldn't offend anyone to do so. If it turns out they don't have it, there's your out w/o having to ride it out.
It is reasonable to expect a POF with a name on it, but it's necessarily an anomoly for it to happen on screenshots, etc for the name to be missing. The POF only needs to show they have the funds needed to purchase the house, not a surplus of funds above and beyond. Most likely they only showed you what they needed. I've done this myself by simply transferring over just enough for closing and showing a copy of the bank statement.
The agent should have shared the POF with you when she got it, but at the same time it could be argued she followed your instructions that once she received the POF she sent the contract over. Most likely there is no funny business going on here, just a need for clear communication on what you want to your agent and from there down the line to the buyer.
My advice is to not make a mountain out of mole hill, and remember this a business transaction. Check your emotion and just tell the agents what you expect moving forward and that you'd still like to see a POF with a name on it.
We had to get the bank and Fidelity to provide a notarized letter verifying the account snapshots and that they had produced the documents. This was about two years ago. You had 1-2 days time till the inspection to validate that all the information is correct.
Reading the responses here has made me feel a little more comfortable with the proof of funds. Seems like even though what the buyer provided was not what I expected to see, it is in fact within the realm of 'normal.' The way people in this thread have explained things makes sense to me (no reason for a buyer to tip their hand and reveal how wealthy they are, maybe even no need to connect the funds with a name / none of my business who the money belongs to.) If my realtor would have kept me informed and been able to share this type of info and knowledge with me we could have avoided a lot of uneasiness.
So the bigger issue is the way my realtor handled all of this. If I had been shown the documentation, been given a little time to think and research, maybe expressed my concerns to the buyer's agent, and ultimately been allowed to make the decision for myself I'd be feeling better right now. It is a fabulous offer if it's for real, $60,000 over my asking price and all cash. In a way I guess it feels too good to be true which is why I wanted to verify everything.
Along with the offer, the buyer's agent included a note. Stuff about who the buyers are, that they have dogs, etc. but one detail that stood out to me was that the buyer originally intended to go with a conventional mortgage, then they fell in love with my house, had to have it, and knowing there would be lots of competition for it "fortunately have the funds to make a cash offer." That was a little bit of a red flag to me, like since they weren't initially intending to pay cash for a house are they later going to try to switch back to financing.
Thank you so much for these answers. So it seems like it is totally normal to only show the bare minimum of funds to cover the offer price, but not normal that there are no names on the portfolio balances they provided as proof of funds.
Yes, that is completely normal for proof of funds to only cover the purchase price.
No, their names don't have to be on the documents but the other information marked out.
Proof of Funds Is just that. The statement needs to have a current date and cover the price.
The statement does not have to have a name. Perhaps parents or other parties are providing the funds. That is not the seller's business.
I disagree, I think who has the funds is very much the seller's business. It makes a difference to me in deciding if I'm to accept the offer. Whether you have the money or your great aunt Tilly does impacts how much faith I have in the offer. Either get it transferred ahead of time or have the person with the funds be on the contract.
Are you saying you'd accept a cash offer with the buyer not actually having the cash themselves, only showing you a statement with names redacted saying "Look this anonymous person has the money and they totally promised they'll give it to me"?
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Quote:
Originally Posted by simplechamp
Are you saying you'd accept a cash offer with the buyer not actually having the cash themselves, only showing you a statement with names redacted saying "Look this anonymous person has the money and they totally promised they'll give it to me"?
I disagree, I think who has the funds is very much the seller's business. It makes a difference to me in deciding if I'm to accept the offer. Whether you have the money or your great aunt Tilly does impacts how much faith I have in the offer. Either get it transferred ahead of time or have the person with the funds be on the contract.
Are you saying you'd accept a cash offer with the buyer not actually having the cash themselves, only showing you a statement with names redacted saying "Look this anonymous person has the money and they totally promised they'll give it to me"?
A seller can stipulate anything he wants. BUT HE DIDN'T. Proof of Funds is Proof of Funds. It was received. It met the Seller's stipulation. Yes, the realtor can then accept it.
He didn't state: he wanted to see the proof of funds and then based on a set of unstated nebulous 'feelings', he may or may not accept it.
Proof of funds IS subjective and subject to approval.
It can mean anything, but it's fair to ask for an explanation or further proof.
If Great Aunt Tilly is giving the funds and writes a letter saying so, that can be submitted too! And judged on its merits.
The sticking point here is who has the authority to decide whether it's enough. No question the decision should have been with the seller, not the agent... And I'm pretty sure even the OP's agent would agree.
I disagree, I think who has the funds is very much the seller's business. I...
Are you saying you'd accept a cash offer with the buyer not actually having the cash themselves, only showing you a statement with names redacted saying "Look this anonymous person has the money and they totally promised they'll give it to me"?
I've had instances where a parent is buying the house and wants it to be in their child's name. The POF has the parents name but we received the explanation in advance. There are exceptions, but some random name would raise questions.
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