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Started By
Message
re: House Sellers: How common is it for a seller to require proof of funds before even showing
Posted on 7/5/23 at 7:46 pm to TDTOM
Posted on 7/5/23 at 7:46 pm to TDTOM
As many have said a pre approval is a valid request and that’s typical when offering. I would never recommend a cash client to show proof of funds for a showing or an accepted offer. Why would I lose leverage for my client before the process even starts.
This post was edited on 7/5/23 at 7:50 pm
1
Posted on 7/5/23 at 7:51 pm to threeputt
When we had our house listed we had several people schedule a showing just because they were viewing houses in the area. It was an enormous pain in our arse.
If I list it again I’ll require a prequal letter just to keep the tire kickers away.
If I list it again I’ll require a prequal letter just to keep the tire kickers away.
Posted on 7/5/23 at 7:53 pm to LSUisKING12
“would never recommend a cash client to show proof of funds for a showing or an offer”
Had a cash deal fall though day before closing..”cash”… she was approved and using her inheritance… her admin found out she was going to put her third husband on the title and pulled her funds ..I think my agent knew weird things were going on.. my agent was mad when I told her to come get her sign out of my front lawn…said she should not be punished for other peoples mistakes.
Cost me time aggravation and money..
Had a cash deal fall though day before closing..”cash”… she was approved and using her inheritance… her admin found out she was going to put her third husband on the title and pulled her funds ..I think my agent knew weird things were going on.. my agent was mad when I told her to come get her sign out of my front lawn…said she should not be punished for other peoples mistakes.
Cost me time aggravation and money..
Posted on 7/5/23 at 7:58 pm to Thecoz
Yeah people are mixing concepts. Your offer will say if you are financing anything. If you are, sellers should require a pre-approval to not have time wasted. If the offer is cash or the down payment for financing is pretty big, I'm getting proof of that. I don't want people faking it or having some triple contingency to sell a house or other things that they didn't want to disclose in the offer because they know it's not as desirable.
Posted on 7/5/23 at 8:00 pm to Finch
How much would you discount a house to sell as-is?
Our neighbors did the open door thing and were happy to not have to make repairs or have showings. I had them make an offer and it was a solid $100k under market. Nah.
Our neighbors did the open door thing and were happy to not have to make repairs or have showings. I had them make an offer and it was a solid $100k under market. Nah.
Posted on 7/5/23 at 8:07 pm to Thecoz
quote:
I think my agent knew weird things were going on.. my agent was mad when I told her to come get her sign out of my front lawn…said she should not be punished for other peoples mistakes. Cost me time aggravation and money..
What part of this is your agents fault? Even with a ton of scrutiny shite always has a chance at going sideways. Death, job loss, marital disagreement….deal isn’t done until it’s signed.
Posted on 7/5/23 at 8:09 pm to TDTOM
quote:
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.
If I like the place, I’m paying cash. I understand if I’m making an offer but I will not show a Joe Blow my account statement just to see the fricking place.
This post was edited on 7/5/23 at 8:30 pm
Posted on 7/5/23 at 8:10 pm to calcotron
quote:
Yeah people are mixing concepts. Your offer will say if you are financing anything.
None of y’all are answering the op’s question. The instance he’s talking about occurs mainly on extremely high end properties.
Think of it like this, Brian Kelly puts his house on the market, how many goobers just intent on sight seeing would make appointments? Stop overthinking this.
Posted on 7/5/23 at 8:13 pm to CONNECTICUTTIGER
quote:
Get a PRE-APPROVAL letter, not pre-qualification letter, 2 very different things.
What’s the difference
Posted on 7/5/23 at 8:14 pm to threeputt
quote:
If I like the place, I’m paying cash. I will not show a Joe Blow my account statement just to see the fricking place.
Nor is there a need to, all it takes is a letter from your bank saying you’re good for a prescribed amount.
Posted on 7/5/23 at 8:14 pm to biglego
Approval has a much higher level of scrutiny.
Posted on 7/5/23 at 8:17 pm to TJG210
Little secret for y’all, when I’m working with my clients lender I only ask them write the qualification to the offer I’m making.
This post was edited on 7/5/23 at 8:37 pm
Posted on 7/5/23 at 8:18 pm to biglego
quote:
What’s the difference
Pre-approval for a loan (I am not a realtor) means that the bank that you're applying for the loan with checks to see if you at least have the funds to close, and make the downpayment. They look to see if you've had large deposits that are unexplained, etc., to make sure you can get to closing and actually sign on the dotted line.
The seller (me) doesn't give a shite what you have in what accounts, I just want to make sure you have the ability to wire funds so I can hand you keys in 30-45 days.
Posted on 7/5/23 at 8:22 pm to biglego
quote:
What’s the difference
A lender won't (or shouldn't)issue a pre-approval letter until they have actually run your credit and you have submitted pay stubs, W-2, assets... Think of it this way, how many times have you received a random letter in the mail telling you that you are pre-qualified for something (home equity loan, car loan, credit card) from some company that you have never heard of or done business with? I currently don't even own a house (in the market for one now) and still getting pre-qualification letters for home equity loans.
Posted on 7/5/23 at 8:32 pm to threeputt
Normal. Way too many tire kickers that don’t have the money. If you got the money, show them.
Posted on 7/5/23 at 8:35 pm to TJG210
“What part of this is your agents fault“
She knew things were going bad and I was getting suspicious.. i point blank asked her a few times if things were on track.. she always said yes…i heard through the grapevine they were trying to get a loan suddenly ( small town we all know everyone business)..
Flat out asked if they were really trying for a fed loan etc..she ghosted me… I knew more about what was going on with them than she did. Cash offers were common and young families were third and fourth generation old oil and liked to stay on neighborhood.. so cash offer did not appear odd at first.
She ghosted me the week before closing and would not give me a final location.. I had already moved out of house and town.. I called her two days before closing..ghosted.. called as I was leaving my new location to go to the other town for closing and that is when she asked if I would be willing to owner finance…I said no..
When I got to the house I went and took her sign out of my front yard threw it in the trash and called another agent .. her contract tine had already expired anyway.
She knew things were going bad and I was getting suspicious.. i point blank asked her a few times if things were on track.. she always said yes…i heard through the grapevine they were trying to get a loan suddenly ( small town we all know everyone business)..
Flat out asked if they were really trying for a fed loan etc..she ghosted me… I knew more about what was going on with them than she did. Cash offers were common and young families were third and fourth generation old oil and liked to stay on neighborhood.. so cash offer did not appear odd at first.
She ghosted me the week before closing and would not give me a final location.. I had already moved out of house and town.. I called her two days before closing..ghosted.. called as I was leaving my new location to go to the other town for closing and that is when she asked if I would be willing to owner finance…I said no..
When I got to the house I went and took her sign out of my front yard threw it in the trash and called another agent .. her contract tine had already expired anyway.
Posted on 7/5/23 at 8:46 pm to Thecoz
Paul Chryst's house has only one photo online. No, it isn't listed as Paul Chryst's house but people know.
Website says interior photos available through realtor only after pre approval.
Website says interior photos available through realtor only after pre approval.
Posted on 7/5/23 at 8:57 pm to CONNECTICUTTIGER
quote:
Get a PRE-APPROVAL letter, not pre-qualification letter, 2 very different things.
You’re not getting a pre-approval letter until you’ve been approved.
A pre-qualification letter should suffice anyone and if it doesn’t the sellers can get bent.
A pre-qualification letter is issued from what the buyers have stated their income to be. It takes only a few minutes to produce and is done by only the lender.
A pre-approval requires income documentation, underwriting, and a more lengthy process.
This is why it’s important to have a relationship with a community and local bank. A client can get a letter in 30 seconds from his banker.
Posted on 7/5/23 at 9:08 pm to Giantkiller
quote:
Giantkiller
Tyler
You are still a jackass
Posted on 7/5/23 at 9:13 pm to threeputt
You can’t even get a preapproval? It’s just to prove you aren’t gonna waste anybody’s time. They don’t want to see a screenshot of your checking account lol
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