Home Buying in Orlando>Question Details

Catherine, Home Buyer in Orlando, FL

Proof of funds

Asked by Catherine, Orlando, FL Wed Nov 17, 2010

Question re: proof of fund purchasing a house in Florida. Should i bring the $ to US or can i leave my $ in my canadian bank and show my bank statemen

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I echo the same. Your bank statement should be okay to start the ball rolling. We have several branches of the Royal Bank of Canada in the Orlando area, they can help answer your questions as things change all the time. If I can be of service to you please don't hesitate to call me. You can also view information on my website that may be helpful to you!

Maggie DeGennaro, CIPS, TRC, AHWD
Stirling Sotheby's International Realty
1 vote Thank Flag Link Wed Nov 17, 2010
Hi Catherine,

Lot's of cut and dried answers here but it's not that simple. The answer is that it depends on the seller's requirements. If you have several places in mind ask your agent to let you know the requirements. There are definitiely some bank seller's that require your proof of funds to be in a US account. I've had three this year where they were insistent on the funds being in a US account.

So, you can leave you money in Canada for most properties, but there will be a few when you'll need a US account.

Good luck,
Mark LeMenager
Find your next house with the click of a mouse.
Search the MLS without obligation or registration from my website.
0 votes Thank Flag Link Wed Nov 17, 2010
Hi Catherine,

When you know you are ready to make a purchase in the US set yourself up with a moneycorp account.
Moneycorp will ensure you get the best foreign exchange rate which will save you thousands on your purchase.

My associate at moneycorp specializes is setting up accounts specifically for real estate transactions to allow both the smooth funding of the escrow and the exchange rate savings, I'll be delighted to introduce you to him if you think that will help.

It looks like the others have covered the PoF questions. Good luck!
Web Reference: http://jerrybarker.com
0 votes Thank Flag Link Wed Nov 17, 2010
Statement must be less than 90 days old, show your name, and contain at least the purchase price plus about 20% if you're looking for a foreclosure... and don't foget to look into the IRS tax considerations. We work with a lot of Canadians so feel free to get in touch...
Marcus Burke,
Broker, Condo Metropolis Orlando
Web Reference: http://condometropolis.com
0 votes Thank Flag Link Wed Nov 17, 2010

Bank statement is fine but be careful showing your complete hand, bad for negotiating.

I get my buyers to get a letter from the bank on their letterhead with a bank representatives full contact information stating there are sufficient funds to purchase the property for $???,???. Arrange this with your bank contact before you travel so they will understand and be ready to email or fax to your Realtor at a moments notice, (even if it's new construction, the model home employees work for the builder and have his interest as a first priority).

Good Luck and hope this helps,

Dave Lowe, Real Estate Broker
Web Reference: http://OrlandoHomeStore.com
0 votes Thank Flag Link Wed Nov 17, 2010
For the Proof of Funds a Bank Statement will work to get started

If you need anything else please feel free top contact me.

Lucas Evans

0 votes Thank Flag Link Wed Nov 17, 2010
Hi Catherine,

You can leave them in your account and send a copy of your statement as proof of funds.
Good luck with your purchase.
0 votes Thank Flag Link Wed Nov 17, 2010
Leave them in your Canadian account. Call me and we can discuss where you are looking to purchase. George @ 407-408-5167.
0 votes Thank Flag Link Wed Nov 17, 2010
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