Jimmy, Home Buyer in Connecticut

if i want to pay cash for a house, would the agent request bank statements from me BEFORE showing me the house?

Asked by Jimmy, Connecticut Mon Mar 7, 2011

re-phrased from previous post

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Spirit Messi…, Agent, Tucson, AZ
Mon Mar 7, 2011
Depends on the agent. Out of respect for you and your privacy, I would not demand to see them. However, we would want to provide "Proof of Funds" with the other documents, addendums, and purchase contract. You will find different agents have different tactics. Some will demand you sign a buyer broker agreement before showing you a property where as I would rather show my clients my level of professionalism and what they can expect from me before I ask such a thing.

Best of luck.
0 votes
Dallas Texas, Agent, Dallas, TN
Mon Mar 7, 2011
Yes.. I do reason why I receive approx. 20 calls per day from home buyers we have to verify proof of funding in order to work with that buyer.

We could show $500K homes realize person only has cash for $100K

With any professional services: Doctor/ CPA/ Attorney will always ask "how are you going to pay before they begin professional services.... GOOD agents ask the same.

We also require your buyers sign buyers rep agreement

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
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Tammy Hayes, Agent, Port Charlotte, FL
Mon Mar 7, 2011
Almost any home that you buy today requires proof of funds when you submit the offer. Bank owned and short sale transactions require the cash buyer to submit proof of funds. This can be in the form of bank statements, but most will require a letter from your bank stating how much funds you have available for the purchase of a home. Even if you buy a normal sale, they will require proof, but not always with the offer. Your Realtor can tell you what is required for the transaction that you are dealing with.
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Anna M Brocco, Agent, Williston Park, NY
Mon Mar 7, 2011
Ask your bank for a proof of funds letter, yes the agent will need such information as would the seller when making an offer--you really need to trust your agent......
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Alan Wells, Agent, Lebanon, PA
Mon Mar 7, 2011
Your bank can give you a proof of funds letter that only disclosed that you have the cash available for the amount you want to spend. It does not have to show all your funds and how they are invested.
Buyers should be qualified before they start looking, even cash buyers.
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Phil Rotondo, Agent, Melbourne, FL
Mon Mar 7, 2011
Good Afternoon Jimmy;
A proof-of-funds letter from your bankers would suffice. And yes, potential buyers should be qualified prior to showings.
Web Reference:  http://www.321property.com
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