By securing financing you will show the seller you are a serious buyer .
Best of Luck to you!
Kawain Payne, Realtor
In this type of market (with so many distressed properties) it's not uncommone for seller to require, bank Pre-Qualification, Proof of Funds, FICO score and so on. This is one of the reason Buyer Agents will not go out with buyers who are not willing to provide such financial documentation. It's not Right or Wrong..it's the Rules of Engagement.
The California Purchase Agreement specifically states how many days the Seller has to order these documents so please refer to your agreement. On the other hand, the same agreement states how many days you have to apply for a loan and show proof of funds, etc. So both of you are bound by time constraints.
Giving your pre-approval letter is paramount with your offer - this confirms to the seller that you are ready to buy (will be able to buy), if the offer is accepted.
Financials of the condominium are normally shown after you are in contract (signed by both parties), and a certain time period is allocated for you to review them. To feel better, if you are not sure about this condominium financial status, you can go see the property manager and talk to the condo association about your questions or concerns. I usually go to see the condo manager with my clients, and all questions get answered right there.
CDPE - Certified Distressed Property Expert
Beachfront Realty, Inc.