Home Buying in Queens>Question Details

Aaron, Both Buyer and Seller in Staten Island, NY

Is this legit? My agent (selling my home) is requesting my bank statement. He is saying that his broker is requiring it to make sure we can pay.

Asked by Aaron, Staten Island, NY Fri May 10, 2013

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11
I have not come across this. We certain do not ask. If you are in a short sale position they bank will most likely ask for it among other documents.
3 votes Thank Flag Link Fri May 24, 2013
Sounds wrong to me.
Flag Sun Jun 9, 2013
Oh my gosh. That does not sound right.
Flag Sat May 25, 2013
This doesn't make sense. Usually you pay your selling agent using the funds of selling your home, through the escrow. I have been a seller 2x and I have never need to write a single check to my agent. I pay them when the house is sold.
1 vote Thank Flag Link Fri May 10, 2013
It appears to be an odd request, unless you are purchasing another property in cash; if that's the case a bank letter stating proof of funds is necessary for any offers to be taken seriously. If that's not the case, no reason for the listing agent to be asking for such a statement...
1 vote Thank Flag Link Fri May 10, 2013
I have been in the real estate industry for over 13 years and have never heard the listing agent would ask for a sellers bank statement. I would assume this isfor payment of the commission. This should not be an issue for the agent because the commission will come out of the sellers net proceeds from the closing.
1 vote Thank Flag Link Fri May 10, 2013
Big Red Flag. Bank Statement's or any Financial statement are not Your Agent's or Broker's Business when selling a home. Broker will be paid from the Proceeds at the Closing Table
when your Home is Sold.
0 votes Thank Flag Link Mon May 20, 2013
Generally you only need these documents when you are purchasing a home not selling one.
0 votes Thank Flag Link Wed May 15, 2013
I have never hear of this. I know that a lot of sellers ask to look at buyer's financial statements to make sure buyers can afford the house before backing out right before closing.
0 votes Thank Flag Link Tue May 14, 2013
Hi Aaron, I have never heard of this either, the listing broker(agent) gets paid from the proceeds of the sale. I certainly would ask why?
0 votes Thank Flag Link Sat May 11, 2013
Are you underwater in your house? Will you need to bring money to closing?
0 votes Thank Flag Link Fri May 10, 2013
I can't speak for some other agent/agency. Personally, I don't request any of your personal financial information... it's irrelevant to me. All I was to see is a preapproval from a trusted lender, showing how much you're qualified to purchase.
0 votes Thank Flag Link Fri May 10, 2013
Alan May, Real Estate Pro in 60201
MVP'08
Contact
Hmm... that's an interesting question. I have never heard of this happening before. Pay for what? Give me a call so we can discuss this in more detail and I can give you a better opinion.

Kind regards,

Terence Trombetti • Real Estate Agent
Gulf Coast Realty Network
4002 Del Prado Blvd. S.
Cape Coral, FL 33904
239.560.1574 Mobile
239.540.2100 Office
239.540.1206 Fax
terencetrombetti@gmail.com
http://www.gulfcoastproperty.net
http://www.capecoralfloridahomes.net
0 votes Thank Flag Link Fri May 10, 2013
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