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House Sellers: How common is it for a seller to require proof of funds before even showing
Posted on 7/5/23 at 7:15 pm
Posted on 7/5/23 at 7:15 pm
Just as a the title states. How common is it for a seller to require proof of funds before even showing a property? I know I look like a bum but I’m about to say FU! 
23
Posted on 7/5/23 at 7:15 pm to threeputt
Clown times.
Let me guess the house already sold in 4 nanoseconds for twice asking with payment in gold bullion?
Let me guess the house already sold in 4 nanoseconds for twice asking with payment in gold bullion?
This post was edited on 7/5/23 at 7:17 pm
Posted on 7/5/23 at 7:16 pm to threeputt
quote:
Just as a the title states. How common is it for a seller to require proof of funds before even showing a property? I know I look like a bum but I’m about to say FU!
Proof of funds or a pre approval letter?
Posted on 7/5/23 at 7:16 pm to threeputt
Tell them to get fricked.
Posted on 7/5/23 at 7:16 pm to threeputt
I'm selling an investment property right now. I have had more than 1 bring a prequal letter then the bank is telling them no once they get started on the process. People obviously lying.
Posted on 7/5/23 at 7:16 pm to threeputt
It's really annoying living in a house you are selling... I can't say I blame them. We got lots of tire kickers and vacating the house with kids and a dog every time they wanted to show which was always around dinner time or on the weekend was a PITA. I'll never sell a house I am living in again.
Posted on 7/5/23 at 7:18 pm to LEASTBAY
quote:
I'm selling an investment property right now. I have had more than 1 bring a prequal letter then the bank is telling them no once they get started on the process. People obviously lying.
Get a PRE-APPROVAL letter, not pre-qualification letter, 2 very different things.
Posted on 7/5/23 at 7:18 pm to armsdealer
quote:
It's really annoying living in a house you are selling... I can't say I blame them. We got lots of tire kickers and vacating the house with kids and a dog every time they wanted to show which was always around dinner time or on the weekend was a PITA. I'll never sell a house I am living in again.
It sucks and I’m not looking forward to it again.
This post was edited on 7/5/23 at 7:19 pm
Posted on 7/5/23 at 7:20 pm to threeputt
I could see requiring proof of funds before showing a VERY expensive home.
I had a buddy in DC that had to provide pay stubs, severals years of W2s and multiple other things just to submit an offer. Market was hot and they were competing with other bidders, but still.
I had a buddy in DC that had to provide pay stubs, severals years of W2s and multiple other things just to submit an offer. Market was hot and they were competing with other bidders, but still.
Posted on 7/5/23 at 7:20 pm to threeputt
The only thing about being pre-approved is its only good for 3 months.
Posted on 7/5/23 at 7:20 pm to threeputt
How poor do you look?
Posted on 7/5/23 at 7:25 pm to threeputt
quote:
I know I look like a bum
Stop looking like a bum and people will stop thinking you’re wasting their time a huge trying to buy expensive things.
Posted on 7/5/23 at 7:26 pm to threeputt
I do a lot of real estate stuff. Why do I want to waste my time showing houses to your bum arse if you don't have any money?
Posted on 7/5/23 at 7:26 pm to threeputt
Pre approval should be good enough but they may have been burned before.
I recently got burned. A preapproval didn’t show problems until underwriting and I wasted 45 days under contract.
I recently got burned. A preapproval didn’t show problems until underwriting and I wasted 45 days under contract.
Posted on 7/5/23 at 7:30 pm to threeputt
I'm an LO. My pre-approval letter will suffice. I'm not sending anything else, but I'll leave it up to the potential buyers if they want to send more. I'd tell them to get fricked, but I don't want to screw the buyers out of the home they want. That's why I would leave it up to them. Their finances aren't the business of anyone except for me and them.
It happens. Has happened to me before, bit unless you're purchasing cash, proof of funds isn't going to make the likelihood of this happening any smaller, UNLESS cash to close is a condition of pre-approval.
quote:
recently got burned. A preapproval didn’t show problems until underwriting and I wasted 45 days under contract.
It happens. Has happened to me before, bit unless you're purchasing cash, proof of funds isn't going to make the likelihood of this happening any smaller, UNLESS cash to close is a condition of pre-approval.
This post was edited on 7/5/23 at 7:37 pm
Posted on 7/5/23 at 7:32 pm to Hateradedrink
POF or pre-approvement letter was required every time I sold a house. You should have financing in order before looking. Therefore, a pre-approvement letter should be simple.
Posted on 7/5/23 at 7:35 pm to LEASTBAY
quote:
I have had more than 1 bring a prequal letter then the bank is telling them no once they get started on the process. People obviously lying.
It isn’t necessarily the buyer/borrower being dishonest. I have mortgage brokers who’d give me a preapproval letter for pretty much anything, and I know they don’t do any credit/asset analysis.
Posted on 7/5/23 at 7:36 pm to threeputt
Every time.
Here's the problem: the seller wants to know if you're just being a lookie-loo and have no ability to buy before they spend a bunch of time putting away toasters, transporting dogs to the in laws house, figuring out if they need to pack costumes for dance if the showing runs long, etc.
It is a massive pain in the arse to hide shite in your office, move cat boxes, put dog bowls in the garage, etc., so yeah, I want to know if you're serious and able.
Here's the problem: the seller wants to know if you're just being a lookie-loo and have no ability to buy before they spend a bunch of time putting away toasters, transporting dogs to the in laws house, figuring out if they need to pack costumes for dance if the showing runs long, etc.
It is a massive pain in the arse to hide shite in your office, move cat boxes, put dog bowls in the garage, etc., so yeah, I want to know if you're serious and able.
Posted on 7/5/23 at 7:42 pm to threeputt
Pretty common on homes over 7 figures. It's to keep poor people from wasting everyone's time and just sightseeing
Posted on 7/5/23 at 7:44 pm to threeputt
quote:
How common is it for a seller to require proof of funds before even showing
I see it mostly on very high end homes >$1mm, and investment properties where its a pain to disturb tenants.
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