I have a sales contract on home in Texas. Buyers lender wants me to show proof of what I paid for home. Is this necessary? And if so why?

Asked by Mari, Texas Sat Aug 6, 2011

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5
Esperanza Ag…, Agent, Union City, CA
Fri Mar 2, 2012
Purchase price on a home you are selling can be available through property profile which realtors can provide their curious buyers/investors. I do not see this as a mandatory disclosure to the buyer by the seller.
0 votes
Rudi Hofmann, Mortgage Broker Or Lender, El Segundo, CA
Fri Aug 12, 2011
"Why" could be for a variety of reasons. It's not that uncommon that the lender wants to see the HUD-1 from your purchase. This is more common with investment properties.

Happy funding, Rudi
Web Reference:  http://www.umboc.com
0 votes
Andy, , California
Thu Aug 11, 2011
Hi Mari,

Maybe the lender's name, current purchase price and the price you paid can show some clues.

Yes, lenders are crazy and their conditions are ridiculous. But who caused it?

Andy
0 votes
Walter 'Skip'…, Agent, Brea, CA
Sat Aug 6, 2011
Hi Mari,
It only makes sense to me if you recently acquired the property. If so, it is a value/appraisal issue with the buyer's lender. If you recently paid 'x' dollars for a house why is it now worth 'y' dollars.
Good luck,
Web Reference:  http://ocnorth.com
0 votes
Bill Eckler, Agent, Venice, FL
Sat Aug 6, 2011
Mari,

Today's lenders are asking for some rediculous information. As far a being necessary....if you want to sell the property, it may be necessary to play their silly games.

*Proof of public or private streets
*why buyer made $200 less than their statement indicated
*last minute appraisals

These a but a few of our recent encounters. Why? Because they are trying to be thorough....rediculously so!

Your county's online tax records may be the easiest resource for this information.

Good luck,

Bill
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