Home Buying in Aurora>Question Details

zahida.tabas…, Home Buyer in Virginia

do i have to disclose my bank statement in case i make a cash offer?

Asked by zahida.tabassum, Virginia Sat Aug 11, 2012

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It is really no ones business how much money you have in the bank, I usualy ask my buyers to obtain a letter from their financial institution indicating that the have a littler over the amount of the purchase price or in other words the amount required to close the property.

That should be all that is required, but I am in Florida and it appears you are in Virginia again there can always be a difference between the states and what is required.

Best wishes in your home purchase.
Web Reference: http://www.TheBeachLady.com
1 vote Thank Flag Link Sun Aug 12, 2012
Zahida,

I have had cash offers as a listing agent and asked for the buyers bank statement and received it. It will be necessary for you to provide documentation to the seller showing that you do have the funds to close. Either a bank statement with all of your personal information redacted or an official letter from the bank saying you have at least the amount of the sale. This way the seller knows you are serious and capable of the purchase. It really does make sense when you think of it. I would be equivalent to a pre-approval letter if you were getting a loan. Good success with your purchase.

Robert McGuire ASR
Broker/Consultant
Your Castle Real Estate
http://about.me/robertmcguire33
Direct - 303-669-1246
0 votes Thank Flag Link Thu Aug 23, 2012
You will have to understand that the Selling Agent is trying to do their job insuring that the Buyer has the ability to purchase in cash. You can obviously cross out your personal information(account number, address, etc) if that makes you more comfortable.This request is fairly normal and as previously mentioned a Bank Letter should also suffice.
0 votes Thank Flag Link Sun Aug 12, 2012
Not necessarily. You can have someone from your bank write a letter on their bank letterhead stating that you have cash reserves for the amount of the purchase.
0 votes Thank Flag Link Sat Aug 11, 2012
You can also have your banker write a letter stating you have funds available for a cash purchase of $ xxx.
0 votes Thank Flag Link Sat Aug 11, 2012
Hi zahida,

Most (if not all) sellers will request/require proof of funds - to show you actually have the cash for your offer. 'Black out' your account numbers on your statements before you give them to your Realtor so no one (including your Realtor) has your account numbers.

Shanna Rogers
SR Realty
http://www.RealtyBySR.com
0 votes Thank Flag Link Sat Aug 11, 2012
You must provide a copy of the statement where the funds will be coming from. It is similar to a buyer providing a pre-approval. Funds must be verified in order for a buyer to be considered ready, willing and able. Just make sure your account # is crossed out.

Good luck.
0 votes Thank Flag Link Sat Aug 11, 2012
As a cash buyer,I resist doing this but find,more and more, that agents ask for it. I suspect that in some areas it really is mandatory. In general, we are more relaxed about things here.
0 votes Thank Flag Link Sat Aug 11, 2012
Yes, if you make a cash offer you will have to provide 'proof of funds' which usually means copies of your bank statements.
0 votes Thank Flag Link Sat Aug 11, 2012
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