You should be getting advice from your own Realtor but the number and nature of your posts leads me to believe that you are using the sellerâ€™s agent. Too bad for you, in my opinion. You should have someone looking after your best interest and not someone trying to satisfy two masters and, at the same time, worrying that the sale is in jeopardy for some reason.
I am in California, not familiar will real estate customs in Texas. Soâ€¦bounce what I say off of a Texas Realtor.
Go ahead and provide your bank statements to prove that you can perform â€“ that you have the down payment and closing costs needed to close your purchase. The sellerâ€™s agent and the seller want a legitimate buyer and not a pretender. It is common in our market to insist on what has come to be called â€œproof of fundsâ€ from the buyer who submits an offer to buy a house whether short sale or not. Go ahead and blank out the account numbers. Tell them that you have a right to safeguard your personal information that could only too easily be used by some dishonest person for illicit purposes. They do not need to know your account number. I do not think anyone can put a lien on your bank funds without obtaining court permission to do so. Think about it for a minuteâ€¦you do not own the seller any money so what would be the basis for a lien?
Good luck. Short sales can be weird.
In a short sale, the short sale lender is approving the short sale for both the buyer and the seller. The approval would come with your name on it and is not transferable.
So, the short sale lenders ask that the buyer identify themselves as a real person who has the money and qualifications to close, before committing the Banks considerable time and resources to approve the short sale for you.
It is a short sale requirement that you as the potential buyer prove that you have to capacity to close.
I am a frequent keynote speaker on the subject of short sales, for Chase, Wells Fargo, AAREA, NAHREB, CDPE. I am also published on the subject of short sales through ezinearticles.com. I actively sell short sales throughout Southern California and have never lost a home to Foreclosure.
When representing a buyer on a short sale, I know the documents that a short sale lender will require in order to approve the sale, and I include a really nice package for the listing agent to submit to the Seller as part of the offer. This strategy results in a higher success rate on getting the offer approved for short sale submittal, and saves valuable time in getting the short sale submitted and approved. Most short sale lenders will ask that this information be updated throughout the course of the short sale.
If I might ask, what is your concern?
Most of my clients line through a few of the account numbers to protect themselves.
Generally, and experienced agent will write the offer as clean as possible, and a really good agent will counter the offer before submitting it to the Bank.
This simple strategy can save you tens of thousands of dollars in the purchase of your new home!
Now more than ever, who you work with in Real Estate Matters!
1(714)342-1978 Julie Boyd, CDPE, SFR,CIPS
The seller's agent is insuring that you have the cash to close the deal. He is representing his client, and it's 100% legal for him to ask you for anything. You don't have to give it to him, however his client doesn't have to sell to you either.
Hope this helps.
Keith W Hefner
Your lender's pre-approval letter should suffice; however, the bank can ask for more proof. They want to make sure that this offer will close as they are already taking a hit.
Susie Kay, RealtorÂ®
GRI, CHMS, SFR
United Real Estate
III Lincoln Centre, 5430 LBJ Freeway #280
Dallas, TX 78240
Servicing your real estate need is my priority!
Hope this helps.
Don Groff | REALTORÂ® & Mortgage Broker
Austin Real Estate Pros & 360 Lending Group
o 512.669.5599 | m 512.633.4157 | firstname.lastname@example.org
websites: http://www.AustinListed.com | http://www.360LendingGroup.com
(214) 763-4629 cell/text/nights/weekends(Really!!)
Lending all across the entire Great State of Texas!!
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9yr Veteran navigating Mortgages for wonderful clients.
YOU ARE NOT CUT OUT TO BE A SHORT SALE BUYER!
Everything your agent told you about short sales.
All these documents you signed that stated no one is promising you anything and the bank can be held accountable for nothing will prove to be true. YOU, the buyer, are the most insignificant component in this process. The abuse will increase.
You should exit now and let a REAL buyer, who actually understand a short sale, take your place.