Home Buying in Sarasota>Question Details

Mark, Home Buyer in Glastonbury, CT

I am interested in finding a newer home in Sarasota for under $300K with reasonable monthly costs. I will pay all cash. Do you need to?

Asked by Mark, Glastonbury, CT Wed Nov 25, 2009

'pre-qualify' in some way, if you are an all cash deal?

Help the community by answering this question:


No, you do not need to prequality with a cash offer. However some sellers may require proof of funds, as in a bank statement. I would be more than happy to represent you as a Buyers Agent so that you can be assured that you are getting the "Best Deal". I have 32 years in the business and enjoy it more every year.

Go to my web site http://www.ValueSarasotaHomes.com, or call me @ 941-735-7424.

Best of Luck and Happy Thanksgiving!

Pete Marriott
1 vote Thank Flag Link Wed Nov 25, 2009
Mark...You've certainly created a lot of interest amoung the local Realtors since I first answered your question on November 25th.
If your intent is to go forward with a purchase then please contact me either via email or using any of the numbers provided on the signature line of this message so we discuss the particulars before proceeding.

Wishing you & your's the best of holidays,

David White / Realtor Associate
Cell - 954-815-1646 / Home Office 941-756-0821
Business Office - 941-351-4444 / Toll Free 888-287-6325

Coldwell Banker Real Estate
6260 N. Lockwood Ridge Rd.
Sarasota, Florida 34243
0 votes Thank Flag Link Tue Dec 22, 2009
specifically no you do not have to to have a letter, however, in all short sales and foreclosures if you decide to go that route, you will need a letter from your bank or a bank statement showing you have the funds in the bank before any lender will even look at your offer.
Also, if you just get a letter from your bank maanger stating that you have the sufficient funds and have them sign and date it on letterhead that will do. On any offer wheter it is a short sale, foreclosure, or a person selling in general, it does not hurt you to have this letter in hand, makes your offer that much stronger.
you will have no issue getting a newer home in this range, I can help you if you need any.
Let me know. I work from Palmetto to Sarasota so not much that i have not seen at all.
David Leventhal
0 votes Thank Flag Link Tue Dec 22, 2009
Most of time with cash offers either current bank statement OR banker letter of statement you have cash in bank including closings costs are submitted with sales offer.

National Featured Realtor and Consultant, Texas Mortgage Loan Officer, Credit Repair Lecturer
Follow me on Twitter: http://twitter.com/Lynn911

0 votes Thank Flag Link Fri Nov 27, 2009
Hi Mark,

Congratulations on deciding on the Sarasota area for your search. Your timing couldn't be better.......
there are still plenty of great opportunities for today's buyers that represent huge savings.

You will not need to be pre-qualified but it would be helpful to be able to provide a bank statement or a letter from your banker that confirms your level of funding.

We would be happy to provide you with additional information relative to this and your search if you are so inclined.

Best regards,
The Eckler team
Award Winning Customer Service

Michael Saunders & Company
0 votes Thank Flag Link Fri Nov 27, 2009
Good Morning Mark.

The listing ageny or seller will probably ask for "proof of funds to close" ( ie) brokerage account, IRA, bank statement CASH IS KING RIGHT NOW so make sure the agent representing you is a great negotiator like my partner, Pete Marriott ( your fist answer)

Pete Marriott ( 32 years of experience) was a commercial real estate manager who negotiated 100's of multi-million dollar properties and well as a land developer for his own portfolio.

Today, Pete uses 5 proven commercial negotiating techniques he learned while dealing with high rise office buildings and shopping centers to get his corporate client the most for their money. These same skills work equally as well with residential real estate.

If you want an experienced professional real estate negotiator to represent you call Pete. 941-735-7424

Now put the turkey in the oven and go back to bed! That's my $000,000.02 bg
0 votes Thank Flag Link Thu Nov 26, 2009
I just completed a cash sale for a Colorado buyer and a dated (that day) copy of the account statement showing sufficient funds was required by the seller,, as well as a 10% deposit, with the written offer. At closing the money had to be wired ($15-20) to the seller's account because there have even been problems recently with cashiers checks at closing. This was all accomplished via fax and email.

There should be no problem finding a property to meet your parameters. There is a lot of variety in the types of neighborhoods and housing in this relatively small city. And, of course, I would be pleased to help you become (more?) familiar with the area and find a property to suit you.
Bruce A. Durbin, Realtor
Prudential Palms Realty
0 votes Thank Flag Link Thu Nov 26, 2009
Hi Mark,
I think David White answered your question best. And I might add that there are several factors for monthly costs, including age and insurance. There are some really great opportunities priced under $300K including some new construction close to Siesta Beach. Call me at 941-349-6465 to discuss your options.
I look forward to discussing your real estate needs.
Bob Stahlschmidt, your real estate professional
Prudential Palms Realty
0 votes Thank Flag Link Wed Nov 25, 2009
Hi Mark,

It is always a good idea to have proof that "YOU CAN BUY". Be that by means of a bank letter that shows you have the cash sitting in an account or by means of a written pre-approval by a lender. iI is really pre-mature for an agent to show property to a buyer until that part has first been taken care of.

Some buyers think with an all cash deal they don't need to buy insurance. Unlike in a purchase where there is a mortgage, in an all cash purchase nobody is going to insist for the buyer to purchase insurance.. Big mistake, always have insurance at least for the replacement value of the property and budget it as part of your maintenance cost along with property tax.
0 votes Thank Flag Link Wed Nov 25, 2009
Hi Mark,

I was just showing newer homes in this price range today and it is amazing that there are still some lovely, newer homes, with pools available in great neighborhoods. If you would like for me to send you a link to some fabulous homes, just let me know. When you are ready to make an offer, I will take you through the necessary steps to present your offer as a pre-qualified cash buyer.
Jan Bradley, GRI
Michael Saunders & Co.
941-302-3496 - Direct
0 votes Thank Flag Link Wed Nov 25, 2009
Greetings to you Mark,
How's the weather in CT.?
Since you would be indicating on the "Contract to Purchase" that you would be paying cash and as part of the negotiating process to show the Seller that you're a ready, willing and able cash buyer a current proof of funds from your bank or other institution that is holding your liquid assets would be proper.When proffering your offer the Seller will see that your funds are in place which puts you into a very strong negotiating situation.
If you would like to discuss this further please give me a call or email me so we can begin the process of finding you a home in wonderful warm and sunny Sarasota.

David White / Realtor Associate
Home Office: (941) 756-0821
Coldwell Banker Real Estate
6260 N. Lockwood Ridge Rd.
Sarasota, FL 34243
Toll Free (888) 287-6325 / (941) 351-4444
0 votes Thank Flag Link Wed Nov 25, 2009
No, but you will be asked to provide written proof of available funds when submitting a contract.
0 votes Thank Flag Link Wed Nov 25, 2009
Hi Mark,

If you are paying all cash you may want to consider having an "Proof of Funds" letter handy. Depending on the type of property you are looking at, specifically short sale or bank owned you may be required to show verification that you have the funds available for the purchase.

I would be happy to assist you in the home buying process, let me know if there is anything I can do. Feel free to search my site http://www.SarasotaHomeSellers.com for your home.

Chad Fay, ePro, TRC, QSC
Prudential Palms Realty
130 N. Tamiami Trail
Sarasota, FL 34239
941-400-2741 - Direct
888-284-6068 - Fax

0 votes Thank Flag Link Wed Nov 25, 2009
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