I am purchasing a home with cash and i was asked to provide proof of funds. i am uncomfortable with showing a bank statement. is there another way_ – trulia voices

I am purchasing a home with cash and was asked to provide proof of funds. Brevard business brokers They want me to provide a bank statement of all the money in my account no just the money to purchase the house/upgrades and I am extremely uncomfortable and feel as though my rights are being violated. Pro business brokers Nowhere in their brochure does it say that cash buyers must have a credit score of a certain number.

Business brokers ny When I visited another community right down the street they actually had it in there brochure for all to see that you must have a credit score of 740. Business brokers alabama I have agreed to have my bank write a letter confirming that I have the necessary funds to purchase this house but I refuse to give them the total in my account. Business brokers jacksonville florida My agent and I were advised to go to there qualification website on-line and fill out the information to qualify but when my agent went on their website they also wanted to check my credit information. Cre business brokers I was also asked to furnish this information before I even had an opportunity to view the models and refused because I did not want to furnish my financial information on a house I hadn’t seen or agreed to by. Business brokers massachusetts If I would have furnished my financial information to every developer in town before even looking at the house my information would be all over town. International business brokers Someone needs to revamp the way these developers are requesting your confidential information before you have even decide to purchase. Sunbelt business brokers There have been to many breaches of peoples confidential information and I feel this process is not necessary unless you have decided to purchase a home. Business brokers california Their request to verify all my finances in my account and check my credit as a cash buyer makes me feel like I’m being singled out and is an invasion of my confidentiality and privacy. Business brokers orlando What rights does the cash buyer have?

I have purchased 3 houses for cash and I have never been asked to have my credit checked or copies of my bank statements. First business brokers Yes, I have provided proof of funds in my bank account via letter from my bank, but that only proved that I had the ability to cover the purchase, not how much money I have. Transworld business brokers complaints As for the Patriot Act, the compliance comes from having the money in the bank. Business brokers arizona You can’t show up with a burlap sack full of $100s and just dump it in your bank. Business brokers raleigh nc As long as you close escrow with a verifiable source of funds like a wire transfer or cashiers check from your bank, you’re good to go.

If you are shopping for a home where the market is hot, you may very well be asked to provide proof that you can afford a home before it is shown to you. Business brokers pennsylvania Don’t take offense, it is a practice to reduce the number of people who just like to look and have no ability or no intention to buy. Vested business brokers login Just have your banker write a letter stating you have the facilities to purchase a home up to the limit you want to advertise (or the money you have available). International business brokers association If your banker won’t do that, move your money to another bank. Global business brokers You then give that letter to your real estate agent, and they will assure the sellers agent or builder that you are financially qualified. Florida business brokers If they won’t do that, get a different agent.

Although this may seem like a violation of your right to privacy, asking for the buyer to provide proof of funds is a safety feature for the seller. Denver business brokers We found this out the hard way a few months ago while trying to find a buyer for our home so we can downsize a bit. Sunbelt business brokers complaints A couple in another state signed a contract to buy our home with cash, two days before we were scheduled to close, the buyers notified our real estate listing agent informing her that they encountered a financial dilemma and had to use half of the money they were going to use to buy our home and asked for a 2 week postponement of closing so they could get a bank loan for the money that they were short. Business brokers michigan We as the sellers agreed to this but upon running a background check on the buyers of our home, we found that they’d been in prison for real estate fraud, embezzlement, they were unemployed, they didn’t own any of the companies they claimed on Facebook that they owned, in fact, none of the companies ever heard of them. Vested business brokers The background check also stated that they had just recently been released from spending the past several years in prison. Professional business brokers For this reason, we requested a proof of funds which we never got. Business brokers ohio Two days before we were scheduled to close, our realtor tried to get ahold of them but their cell phone numbers were disconnected, their email addresses no longer existed, their Facebook pages no longer existed, and the Postmaster in their town told our realtor that they no longer lived in the home that they were renting. Business brokers net They told our realtor they owned their home and were selling it to a relative because they needed a larger sized home. Sunbelt business brokers las vegas After talking to other folks who are trying to sell their home and realtors including brokers in many different states, we’re finding out that our recent experience isn’t very unusual anymore. Business brokers in florida This sort of scam is occurring more frequently than you may think.

Who is asking? The owner? The broker? No one asked me; I paid cash for a very expensive home. Transworld business brokers I did get a mortgage 9 weeks later (called a delayed purchase loan) Mortgage rates until the last month or two and still are so cheap, almost all good even conservative investment plans with large well established institutions will yield more than the mortgage costs and the mortgage costs are tax deductible up to $1,000,000.00 of loan. Sunbelt business brokers reviews I brought a cashier’s check to the closing.

You can get letters from your banking or investment institution(s) saying how long you’ve been with them, that you’ve been building the account or that it came from sale of a business or property whatever is the case, and your account has been handled impeccably. Kr business brokers They can allude to the balance e.g. Alpha business brokers saying that it exceeds. Arkansas business brokers or is several or many times the purchase price of the subject property without disclosing any specific information, and be as modest (saying it “exceeds the price” even if exceeds the price by many many times. Business brokers association Alternatively, they can offer you a very large letter of credit which indirectly alludes to the strength of your assets without mentioning them.

Apparently you are just buying a single family house. Brooklyn business brokers My last home was a co-operative apartment in one of NYC most expensive and prestigious buildings–there everyone has to give every detail about their finances. Sunbelt business for sale My former building is a 50% cash building (allow mortgage for 50% of the purchase price), whereas there are many expensive buildings that are “all cash”; no lien on the co-op shares allowed at all and the buyers must show they have liquid assets 3 times the cost of the apartment (and often are rejected unless they have assets sometimes 10 times the cost –and we are talking about apartments costing many millions of dollars).

Even in a single family home sale, if the sellers are remaining in the community, if they have helped to build a prestigious community, they have many friends and selling to someone who does not have the money to maintain the home well after purchase, the values in the community may suffer. Vested business brokers review Disclosure by the lesser means I outlined, is only fair. Business brokers denver If the President-elect did not own the building he lives in, he would have to disclose every last asset and liabilities or he would not be able to buy, e.g. One business brokers in Kissinger’s building, or in Ralph Lauren’s residence building, or many, many others who live in NY co-ops. Business brokers minnesota So if your prior home was on Manhattan’s Fifth or Park Avenues or Central Park West, as was mine, what is being from you is nothing by comparison.

The reason it is perfectly normal to have to provide proof of funds is because when you are making a cash offer – you are stating that you do not need to obtain a mortgage. Certified business brokers As a cash buyer – you are more valuable since the likelihood of the deal taking place is not tied with your ability to get financing. Maryland business brokers You can expect to get a better deal compared with buyers who need financing. Sahara business brokers Proving your funds confirms that the buyer will not try to change the rules in the middle of the game after the lower offer is accepted and state that there is no cash available to buy outright.

Real estate agents and brokers deal with confidential financing information on a regular basis as a part of their daily routines. Business brokers of florida Let us say that your bank balance greatly exceeds what you are trying to buy the house for. Florida business for sale Ask if your bank can issue you a letter stating that your bank balance was at least X number of dollars. Sunbelt business brokers review Also, see if you can get away with whiting out your account number for privacy reasons. Sunbelt business brokers canada Other than that, the only thing I can suggest is to not make cash offers.