Lori Cain, Realtor®
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Proof of Funds – or Loan Eligibility – Required by this Tulsa Realtor®

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screen shot of bank balance

When you are a cash Buyer and make an offer, you need to be prepared to provide proof of funds. This can be a simple print-out from your online banking that simply shows your account balance and your name associated with the account.

One of the valuable services Tulsa Realtors® provide their Sellers is to bring them a QUALIFIED Buyer. Whether the Buyer is using financing to purchase a property or is a cash Buyer, it is the responsibility of the Listing Realtor to VERIFY that the Buyer has the financial means to complete the transaction.

So, attention cash Buyers – be prepared to show that you have funds to back up the offer you submit. Below is a screen shot of my personal checking and savings account balances – no personal information, but this clearly shows my name, the date and the balance of each account. That, at a minimum, is required to accompany a cash offer. It’s also appropriate to provide a letter from your bank (on bank letterhead) stating that you have sufficient funds to complete the purchase of subject property.

screen shot of bank account

Proof of Funds – show me the money!

Why am I blogging about something that seems so obvious? My Sellers and I just accepted a full-price cash offer on an investment property and were told that Proof of Funds (POF) couldn’t be provided over the holiday weekend. We accepted the offer in good faith and were promised POF the Tuesday after Labor Day. What did we receive? A letter stating that a private investor would be providing funds for the purchase. No account balance for the investor, no official letterhead – just a “To Whom It May Concern” letter printed on a sheet of paper. SERIOUSLY??

This is not the day of handshake deals, and I don’t know this Realtor or Investor. My Seller has taken his home off the market, assuming that I have submitted an offer from a qualified Buyer.  So, back I go to my Seller to update him with this information and see if he wants to void our contract.

I am really easy to work with, but take my duties to my clients very seriously. If you want to write an offer on one of my listings, this Tulsa Realtor REQUIRES legitimate Proof of Funds.

If you’d like me on YOUR side when negotiating a real estate transaction, give me a call. I represent both home Buyers and Sellers in the greater Tulsa real estate market. 918-852-5036

Content written and published by Lori Cain.