Home Buying in Plainview>Question Details

Jennifer Mn, Home Buyer in Bethpage, NY

Do I need proof of funds to see if my offer is accepted?

Asked by Jennifer Mn, Bethpage, NY Wed Mar 6, 2013

I put an offer on a house and my agent said that the listing agent is requesting copies of my bank statements so they can verify that I have my 20% down payment. I did show my pre approval letter already. I dont think I need to show my personal documents to anyone who is not working with the bank. Is this normal?

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5
Javier Meneses’ answer
BEST ANSWER
A mortgage pre-approval letter already should take into account not just your down payment amount but all other determining aspects of you mortgage approval. I personally do not like the fact that they are asking this of you, it is a bit paranoid of them. Any listing agent should be able to call the Loan Officer who issued your pre-approval letter and verify it (not your personal information) the info as presented in the pre-approval letter. I would not release any bank statements though.

Javier Meneses
NMLS 2313
Senior Loan Officer
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648
3 votes Thank Flag Link Wed Mar 6, 2013
Often when a home is sold as REO or forclosed property, the bank may require proof of funds in order to verify how legit the offer is before accepting it. Providing proof of funds is normally a request when there is an all cash offer on the table. A current balance can be submitted with the account #"s being blacked out and it should be satisfactory.
1 vote Thank Flag Link Sat Jul 27, 2013
If this is a bank owned sale or short sale, the bank normally requires that you prove you have the down payment or proof of funds. You can get a letter written from you bank stating the amount needed or show a copy of your balance (not the whole statement and block out your account number) to prove you have the funds.
0 votes Thank Flag Link Wed Mar 6, 2013
If you have a mortgage pre-approval letter, no other fincial requirements should be necessary; ask your agent's broker owner, and or office manager, to contact the listing's agent's counterpart, then go from there....
0 votes Thank Flag Link Wed Mar 6, 2013
I think it is a bit paranoid on the seller and their agent if the preapproval letter said you had it and they verified it or if they are asking for it before they approve the offer. Most letters don't go into that detail so why not get a recent bank statement and photocopy it, then black out all the account numbers, id numbers and that stuff leaving the cash amount shown to show the cash funds available? I would tell them only after the offer is accepted though.
0 votes Thank Flag Link Wed Mar 6, 2013
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