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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. My realtor had me sign the contract so that if proof of funds came through it would be ready to go. I didn't hear anything about it for almost 24 hours, then my realtor sent me a text saying home inspection is on Thursday. I was confused. I said "but the buyer never sent proof of funds, you didn't accept their offer did you?" She responded "oh sorry they sent proof of funds last night and yes I accepted their offer." I was livid that she hadn't told me she received the proof of funds, she didn't send me the documentation, and didn't bother to tell me she accepted the offer.
I then asked her to forward me the proof of funds. It was 2 investment funds, the combined total of which barely covers the price they offered me. There are no names on the documents, so really there is no way to even know who these accounts belong to. If I was given the opportunity to review this I would have pumped the brakes and expressed my concern to the buyers, their "proof of funds" was not proof enough for me to feel comfortable. But I was not given that opportunity and now it's too late to do anything about it, my realtor made the decision without me and accepted their offer.
I want to know if this is normal for proof of funds to only show barely enough to cover the amount of the offer and for there to be no name on the documents provided to prove funds. It just shows a Fidelity portfolio balance and a Wells Fargo mutual fund holdings report, no name of who these funds belong to, and like I said the combined total of those 2 amounts is just barely over the price they offered me for my house.
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. My realtor had me sign the contract so that if proof of funds came through it would be ready to go. I didn't hear anything about it for almost 24 hours, then my realtor sent me a text saying home inspection is on Thursday. I was confused. I said "but the buyer never sent proof of funds, you didn't accept their offer did you?" She responded "oh sorry they sent proof of funds last night and yes I accepted their offer." I was livid that she hadn't told me she received the proof of funds, she didn't send me the documentation, and didn't bother to tell me she accepted the offer.
I then asked her to forward me the proof of funds. It was 2 investment funds, the combined total of which barely covers the price they offered me. There are no names on the documents, so really there is no way to even know who these accounts belong to. If I was given the opportunity to review this I would have pumped the brakes and expressed my concern to the buyers, their "proof of funds" was not proof enough for me to feel comfortable. But I was not given that opportunity and now it's too late to do anything about it, my realtor made the decision without me and accepted their offer.
I want to know if this is normal for proof of funds to only show barely enough to cover the amount of the offer and for there to be no name on the documents provided to prove funds. It just shows a Fidelity portfolio balance and a Wells Fargo mutual fund holdings report, no name of who these funds belong to, and like I said the combined total of those 2 amounts is just barely over the price they offered me for my house.
It's perfectly acceptable for the proof to only cover the price of the offer. There's no expectation for them to show you the entirety of their portfolio, only those funds required for the purchase. It would be a mistake to assume that's all they have, and it would be a mistake for them to tip their hand about how much they do have, in case you are still negotiating price.
The documents are often redacted for account numbers, but the name should be on them.
It should have been your decision to inspect the proofs and decide.
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.
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.
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. My realtor had me sign the contract so that if proof of funds came through it would be ready to go. I didn't hear anything about it for almost 24 hours, then my realtor sent me a text saying home inspection is on Thursday. I was confused. I said "but the buyer never sent proof of funds, you didn't accept their offer did you?" She responded "oh sorry they sent proof of funds last night and yes I accepted their offer." I was livid that she hadn't told me she received the proof of funds, she didn't send me the documentation, and didn't bother to tell me she accepted the offer.
I then asked her to forward me the proof of funds. It was 2 investment funds, the combined total of which barely covers the price they offered me. There are no names on the documents, so really there is no way to even know who these accounts belong to. If I was given the opportunity to review this I would have pumped the brakes and expressed my concern to the buyers, their "proof of funds" was not proof enough for me to feel comfortable. But I was not given that opportunity and now it's too late to do anything about it, my realtor made the decision without me and accepted their offer.
I want to know if this is normal for proof of funds to only show barely enough to cover the amount of the offer and for there to be no name on the documents provided to prove funds. It just shows a Fidelity portfolio balance and a Wells Fargo mutual fund holdings report, no name of who these funds belong to, and like I said the combined total of those 2 amounts is just barely over the price they offered me for my house.
Was your stipulation in writing? If so, then you don't have a contract since you haven't approved the proof of funds. Second, the realtor has no authority to "accept" an offer for you. You are the only one who can do that. Third, I would fire that realtor so fast that her head would swim. Then I would report her to her broker and perhaps the state Real Estate Commission.
Oh, and Proof of Funds without a name or date on the statement is not really "proof" in my book. The funds could belong to anyone and it could have been an old statement of funds which they no longer have.
now it's too late to do anything about it, my realtor made the decision without me and accepted their offer.
No, it's not too late. There is no acceptance of the offer until you sign the contract. Her acceptance is meaningless. You can decline the offer and fire the uppity realtor, then file a complaint with the state licensing board. This realtor needs to be stepped on.
No, it's not too late. There is no acceptance of the offer until you sign the contract. Her acceptance is meaningless. You can decline the offer and fire the uppity realtor, then file a complaint with the state licensing board. This realtor needs to be stepped on.
Read up there... they did sign it. They just asked their agent to hold it until proof of funds.
It's a mistake, but what they should *do* and happens now depends on careful consideration of what the best outcome is.
I think it's awfully presumptuous to assume we know what is best based on what little we know.
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. My realtor had me sign the contract so that if proof of funds came through it would be ready to go. I didn't hear anything about it for almost 24 hours, then my realtor sent me a text saying home inspection is on Thursday. I was confused. I said "but the buyer never sent proof of funds, you didn't accept their offer did you?" She responded "oh sorry they sent proof of funds last night and yes I accepted their offer." I was livid that she hadn't told me she received the proof of funds, she didn't send me the documentation, and didn't bother to tell me she accepted the offer.
I then asked her to forward me the proof of funds. It was 2 investment funds, the combined total of which barely covers the price they offered me. There are no names on the documents, so really there is no way to even know who these accounts belong to. If I was given the opportunity to review this I would have pumped the brakes and expressed my concern to the buyers, their "proof of funds" was not proof enough for me to feel comfortable. But I was not given that opportunity and now it's too late to do anything about it, my realtor made the decision without me and accepted their offer.
I want to know if this is normal for proof of funds to only show barely enough to cover the amount of the offer and for there to be no name on the documents provided to prove funds. It just shows a Fidelity portfolio balance and a Wells Fargo mutual fund holdings report, no name of who these funds belong to, and like I said the combined total of those 2 amounts is just barely over the price they offered me for my house.
You did not sign a thing. Don't let this realtor gas light you. I have dealt with this unethical behavior in Vegas. Realtors break laws a lot. It's probably his client and he wants double commission so he is taking you off market so you don't get potentially higher offers that won't be his listing. This is the mafia behavior I got from a realtor here. Again, you didn't sign. Yes, their name has to be on POF and date.
You did not sign a thing. Don't let this realtor gas light you. I have dealt with this unethical behavior in Vegas. Realtors break laws a lot. It's probably his client and he wants double commission so he is taking you off market so you don't get potentially higher offers that won't be his listing. This is the mafia behavior I got from a realtor here. Again, you didn't sign. Yes, their name has to be on POF and date.
See the original post. Signed.
What did the agent do that was unethical or illegal? Not much at all, it appears. Now, if you were to say the agent was sloppy, that might have some accuracy.
Quote:
Originally Posted by Palmer81
... My realtor had me sign the contract so that if proof of funds came through it would be ready to go. ....
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