Home Buying in Greensboro>Question Details

Marcus & Vic…, Real Estate Pro in Greensboro, GA

I submitted an offer on a Fannie Mae f/c. My clients are paying cash & the listing agent is requesting VOF from her bank & stock broker.

Asked by Marcus & Vickie Greene, Greensboro, GA Tue Feb 1, 2011

The stockbroker said that I, the real estate agent, had to submit a request form to them. Where do I find this? My client also has $ in a savings acct & the bank is asking me who they should make the Verification Letter 'to'. Ugh! We don't have these forms in our standard real estate forms.

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If a lender like myself was involved we would send a Verification of Deposit which is a lender form which verifies funds for the closing. Since this is a cash sale, all you need is for the depositor to write a letter and confirm the balance of funds in the account sufficient to purchase the home and have them state that these funds a liquid. The Buyer should request this, and may have to sign an authorization form with the stockbroker in order to obtain this letter. Not unusual at all, it is just that Fannie Mae wants to confirm that your client indeed has sufficient funds to purchase this property in cash.
0 votes Thank Flag Link Wed Feb 2, 2011
Hi,
Your client needs to contact her stockbroker and bank to request a verification letter stating what her funds are in these accounts so they can be given as proof of funds to the listing agent. There is no specific form that I'm aware of for this (at least not in my state); just need the letters from the institutions including valid signatures from them.
I hope this helps.
Good luck!

Laura Feghali
Prudential Connecticut Realty
0 votes Thank Flag Link Tue Feb 1, 2011
Makes no sense - you cannot request information on someone else's account. The buyer needs to secure VOF on their own and the letter should be addressed to whom it may concern. Any stockbroker or banker who is issuing VOF letters at the request of a real estate agent is likely to get in alot of trouble at some point.
0 votes Thank Flag Link Tue Feb 1, 2011
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