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Maybe if the buyer is looking at their account online, their account information is on one page and the account balance is on another. But if they send a page with a balance and no name on it, there is no proof that they themselves have the money. They might have pulled those pages out of the trash and have no idea whose account it is.
All it shows is that someone somewhere has the money.
I've had buyers who were paying all cash with a trust fund and there had to be a document from the trustees that the money was there and the purchase had been approved by the trustees.
If Aunt Emmy is buying the house for her nephew, I want something from Aunt Emmy saying that she is going to pay for this house for her nephew. I don't care that she is paying for the house, but I want proof that she had agreed to pay for the house and the nephew wasn't just assuming or dreaming.
You are probably going to be OK, OP, but double check all the paperwork from now on because your agent wants to cut corners and get her commission as quickly as possible and isn't being careful.
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.
Yep, for sure.
Quote:
Originally Posted by Palmer81
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.
Okay, I see.
Once you signed the contract, it was a done deal since it didn't have contingencies. You should have asked for proof of funds with the contract.
You shouldn't have signed until you were completely satisfied with the deal.
DocuSign is a wonderful thing for getting quick signatures on documents. AFTER all parts are in place.
There are several other digital signature solutions.
"Gotta sign now" too often equals "Haste Making Waste."
To the OP: Maybe we can call what you were presented with “SPOOF of funds”. Hope not.
My investment brokerage has an online feature that lets a person generate a letter confirming that their investments include access to an amount they specify and the data confirm. One page. Guess what? It has the account owner’s name (yours) and that day’s date.
And anyone who has ever gone to underwriting for a mortgage loan knows the underwriters want ALL of the detail pages including investment activity for at least two months. I understand your concern. But hopefully the time you specified until closing is short so another buyer is still available if this falls through. So be sure to meet all deadlines and please let us know (other consumers) where this goes.
OP, is there a reason that DocuSign wasn't utilized? I know lessons have been learned and I don't want to add to your feelings of unease. Just something to think about for the future. It's a great service and gives you the opportunity to review documents in your home without any pressure to sign immediately.
OP, is there a reason that DocuSign wasn't utilized? I know lessons have been learned and I don't want to add to your feelings of unease. Just something to think about for the future. It's a great service and gives you the opportunity to review documents in your home without any pressure to sign immediately.
I would have preferred to do it that way. My realtor had suggested I leave my home for a few days while it was being shown. She put a lockbox on my door and buyers agents brought their clients for 3 days, then on day 4 offers were due. The only way my realtor would present offers to me was to print them out and bring them all at once to the rental where I was staying. It was during that in-person meeting that she had me sign the contract, telling me that we needed to have it ready to return to the buyer. I trusted that my realtor would show me the proof of funds documentation (since I was the one who asked for it) and let me make my own decision about finalizing the deal, but apparently she thought her opinion was the only one that mattered, and the proof of funds the buyer provided was good enough for her.
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.
Weak agents on both side, IMO. Anytime I submit a cash offer I immediately prepare POF documents (to the amount of the offer.) And any buyers’ agent I have used always asks for it to include with contract submission.
I would have preferred to do it that way. My realtor had suggested I leave my home for a few days while it was being shown. She put a lockbox on my door and buyers agents brought their clients for 3 days, then on day 4 offers were due. The only way my realtor would present offers to me was to print them out and bring them all at once to the rental where I was staying. It was during that in-person meeting that she had me sign the contract, telling me that we needed to have it ready to return to the buyer. I trusted that my realtor would show me the proof of funds documentation (since I was the one who asked for it) and let me make my own decision about finalizing the deal, but apparently she thought her opinion was the only one that mattered, and the proof of funds the buyer provided was good enough for her.
It befuddles me that your agent did not request POF before presenting the offers to you. If there was no time to get it before reviewing offers with you then I would have added a contingency to the contract saying that it was contingent upon "SELLER's satisfactory review of Proof of Funds provided by BUYER within 24 hours of signing the offer" or something along those lines.
Quote:
Originally Posted by WorldKlas
Weak agents on both side, IMO. Anytime I submit a cash offer I immediately prepare POF documents (to the amount of the offer.) And any buyers’ agent I have used always asks for it to include with contract submission.
Are you an agent? You might want to go to the real estate agent sub-forum here and see the pinned post about how to identify yourself as an agent in your profile.
I agree though. The buyer agent is hurting the buyer's chances of acceptance by not providing POF up front and they're making the buyer look disorganized. In a multiple offer situation, you want to go out of your way to give the impression that selling to your buyer is going to be smooth and an absolute pleasure. The OP's agent is obviously doing a poor job as well by not getting POF prior to reviewing offers and then forwarding the signed offer to the buyer's agent even though they were not authorized to do so.
I would ask to speak with your Realtor's broker about this. All proof of funds that I dealt with as a Realtor myself clearly stipulated the name(s) on the account and where they funds were held. When I had a client making an offer, I advised them to only provide a proof of funds for exactly what their offer was for and nothing more than that.
I do believe your Realtor did not act in good faith in your best interest for what it is worth. Your Realtor could have emailed or texted your phone if they received the proof of funds late the prior evening. I am willing to bet they assumed you were OK with it as is instead of confirming with you first.
Please keep us up to date if you get this resolved in a favorable manner or canceled.
This. Go to the broker. The realtor should NOT be accepting anything without your explicit consent.
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