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My realtor didn't even bring up proof of funds in the first place, she was ready to accept the offer immediately without proof of funds. I was the one who absolutely insisted that I needed to see proof. All the more reason I should have been the one to review what the buyer submitted, my realtor didn't care about it in the first place.
My realtor didn't even bring up proof of funds in the first place, she was ready to accept the offer immediately without proof of funds. I was the one who absolutely insisted that I needed to see proof. All the more reason I should have been the one to review what the buyer submitted, my realtor didn't care about it in the first place.
But didn't you tell the realtor to send the signed contract as soon as she got proof of funds?
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.
Then it should be so stipulated. BUT it wasn't. Proof of funds was requested. Proof of funds was provided. The realtor can accept it as it met the conditions.
Contract Law 101...
I didn't bring any dressers/bureaus w/ me because the closets had built-ins. But the seller stated the "built-ins" weren't really 'built-in'. This ended up being inconvenient for me as I am now living out of boxes. If something is important to you then spell it out with great specificity in your contract.
You can not come back and say, "Well, what I meant when I said "proof of funds" was...
But didn't you tell the realtor to send the signed contract as soon as she got proof of funds?
Not exactly. Maybe. Maybe not.
Quote:
Originally Posted by Palmer81
I received multiple offers for my home. I chose the highest cash offer, but I stipulated that I absolutely needed to see proof of funds before I would officially accept the offer...
It would seem that the OP may have erred in signing an unacceptable offer, further exacerbated by the agent who forwarded the contract despite the "absolute stipulation" of the OP.
OTOH, "Withholding" an executed contract may be a dicey proposition for the agent, depending on local laws, regulations, and practices.
It would seem that the OP may have erred in signing an unacceptable offer, further exacerbated by the agent who forwarded the contract despite the "absolute stipulation" of the OP.
OTOH, "Withholding" an executed contract may be a dicey proposition for the agent, depending on local laws, regulations, and practices.
I still have the unanswered question about whether the contract requires it to be sent. I'd be shocked if it doesn't.
But didn't you tell the realtor to send the signed contract as soon as she got proof of funds?
I most certainly did not tell my realtor at any point to finalize the deal or send the contract. She did that without my permission. She brought me all of the offers she had received from buyers agents, all at once, printed out and organized by what she thought of them. She picked out the one she thought was best and showed it to me. I don't think she intended to show me the rest, I had to request to see them all. I agreed with her about which one was the best offer. She was ready to accept it, but I said I don't just believe someone who says they can pay cash, I need to see proof of funds before I would consider officially accepting this. She then called the buyers agent right in front of me and asked for proof of funds. He said the buyers just pulled into their driveway back in their home state and would get proof of funds to us asap. My realtor had me sign a sale contract, explaining that this needed to be done so that if the proof of funds came through it would be ready to return to buyer. That was the last I heard about it until almost 24 hours later when my realtor sent me a text telling me there would be an inspection Thursday. She had already reviewed the proof of funds without even telling me she had received them, and went ahead and accepted the offer and sent the contract also without notifying me.
And now you know to not sign any paperwork "to be held and ready". You take the extra trip in to sign only after the conditions have been met.
Yes, lesson learned for sure. I think covid considerations played a part here, both me and the realtor wanting to keep in-person meetings to a minimum.
Then it should be so stipulated. BUT it wasn't. Proof of funds was requested. Proof of funds was provided. The realtor can accept it as it met the conditions.
Contract Law 101...
....
You can not come back and say, "Well, what I meant when I said "proof of funds" was...
Contract Law 101 certainly DOES teach that unclear communication can lead to disagreements that are argued about later.
The lesson here is if in doubt.... pause and make sure.
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