Buying a Home? Has the Seller Requested to See Proof of Funds?

The CT Home Blog

Sep 3

First, don't take it personally- it's standard operating procedure for all cash purchases, or offers that include a substantial down payment. You may be the most honorable person on the planet, but the seller doesnt know that- they don't know you.

Proof of funds is just that- a letter or statement from a financial institution that clearly shows you have the liquid cash on hand to perform.

The process is basically the same whether the verification of funds is to prove that a buyer has the cash necessary to close the transaction, or the down payment for teh purchase.

In either case, the buyer will need to produce a document, which is usually requested by the seller, or his/her agent.

Some examples include:
Online banking statement
Original bank statement
Copy of money market account balance
Open equity line of credit
Certified financial statement

Words of Caution: Before releasing originals or copies of any sensitive personal information, make sure you remmove any traces of your account number and / or Social Security number. ( A black magic marker covering these sensitive numbers should do the trick easily and effectively)

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The Featured Home of the Week is at 125 Norton Road in Easton for $1,349,900. See the virtual tour HERE

Buying or Selling a Home in Fairfield County? Contact us!

If you have a question about buying or selling Real Estate in Fairfield County, and are in need of representation, I invite you to contact me. I know the market like the back of my hand, know marketing inside and out, am a skilled negotiator- and I'd love to be on your side :) - Judy

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