Proof of Funds - Tell Me You Have them for my Home Sellers?!

By
Real Estate Agent with Phillips Post Road Realty ~ 401-529-7849~ RI Waterfront Real Estate
http://actvra.in/Ghf

Proof of Funds - Tell Me You Have them for my Home Sellers?!  There is a lot of irony in life but when you as a home Real Estate bowl of inaccuraciesbuyer are pre-qualified for a mortgage that is not one of them.  It is a straight analysis by the mortgage broker of your credit, financial stability and assets in hand to purchase a home.  When a buyers agent does not do their due diligence and has a hands off attitude...well I get upset!

Time is of the essence in many Rhode Island real estate transactions and I want, as the listing agent, for everything to fall into place well for my sellers.  Being methodical and organized, I have my push dates to the buyers agent when paperwork does not come in as planned...say Proof of Funds for instance.

A closing recently had a 'step in' real estate agent that was a relative of a buyer so although the buyers had dealt with me at the last minute they handed their transaction to their cousin.  WHY?  She is new in the business, I was told, and we promised her we would give her the buying side (not selling side of their current home) on a new home.  A bit miffed and not wanting to pursue procuring cause because I had a great deal for my homes sellers happening I let it go.

But where is this buyer's agent?  Shows up for the home inspection but everything else is like pulling teeth.  Now the buyers are not going for a mortgage and noone told me??  So get me the Proof of Funds now I said.  The buyers did not understand this concept and guess what the buyers agent could not explain it.  I made it quite clear that the Proof of Funds to buy the home, inclusive of all savings accounts, stock assets, 401k, home equity line they were using, had to be delivered to me by 'X-day' or we were no longer in contract.  

Buyers understand that there is a timeline to be met and delivered on when purchasing a home.  If you do not meet those deadlines, you can lose your dollar deposit on the home you wish to purchase.  Use a buyers' agent that knows their job and protects your interests.  I believe this home purchase is a learning experience for these buyers.

If you're looking at North Kingstown homes for sales and for your dream home, let me help you find it.  Schedule your home tour appointment today!  I'd love the opportunity to help.   Phone me today at (401) 529-7849, or email me at RiByTheBay@gmail.com to schedule an appointment. Proof of Funds - Tell Me You Have them for my Home Sellers?!

~~~~~~~~~~~~~~~~~~~~

Ginny Lacey Gorman is a North Kingstown Realtor who works and knows the North Kingstown RI geographic area of homes for sale, schools, happenings, important tidbits of information and  businesses well.  Waterfront, water view, ocean front, luxury and coastal Rhode Island real estate are her specialty.  If your considering Buying, Selling or Relocating to Rhode Island and need a real estate Professional it would be my pleasure to help you!    When you are in need of an internet savvy RI realtor® who sells homes in this Rhode Island real estate marketcall Ginny today at 401.529.7849.


 

 

Posted by

This blog © and its contents is original to Ginny Lacey Gorman

the RI waterfront Realtor of Choice

 

Ginny L. Gorman, a purveyor of Fine RI Waterfront Real Estate   

Specializing in waterfront, ocean front, vacation, coastal and luxury homes for sale in North Kingstown, South Kingstown, Narragansett, Jamestown, Charlestown, East Greenwich, Exeter, West Greenwich RI and beyond ...  I sell dreams!  Because there is no place like home...the RI Realtor in the Sparkly Red Shoes.

 

Looking for a knowledgeable Rhode Island Realtor?  Let me GOOGLE one for you!

            

Facebook   Flckr  LinkedIn RSS Feed to My Blog

You Tube button    Twitter Follow Ginny Lacey Gorman on Pinterest

 

cell: 401.529.7849      Ginny Lacey Gorman, Realtor

www.RIHouseHunt.com

 

                                      

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the tshirt to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Topic:
Home Buying
Groups:
"Whacked"!!!
HyperLocal Neighborhood and Community Posts
Posts to Localism
Active Rain Newbies
BananaTude
Tags:
sellers
buyers
proof of funds

Comments 15 New Comment

Rainmaker
1,001,851
Ginny Lacey Gorman
Homes for Sale in North Kingstown RI and beyond
Phillips Post Road Realty ~ 401-529-7849~ RI Waterfront Real Estate

Joan, this one is painful for sure...

Eileen, ditto...but they were getting a mortgage & then decided to pay cash without telling me...just want the POF in my hot hands here!  thanks

Anita, i don't mind new agents since we were all there once...but it is the repeating of the same information that should be unnecessary...right?

Kristine, there are all types in every business we need to contend with...

Kathryn, it is a yikes moment here..

August 13, 2012 08:25 AM
Ambassador
1,705,430
George Souto
Your Connecticut Mortgage Expert
George Souto NMLS #65149 FHA, CHFA, VA Mortgages Connecticut

Ginny I run into the same type of thing, especially when a Borrower insists on using an Attorney that does not do Real Estate, but is a friend or relative that is going to do it for nothing.  That nothing can cost a whole lot when things start to go wrong at the Closing.  We use to have to deal with that until we went to a closed attorneys list.

August 13, 2012 04:25 PM
Rainmaker
1,273,668
Sally K. & David L. Hanson
WI Realtors - Luxury - Short Sale - CDPE, REDS
Keller Williams 414-525-0563

Being anyone's real estate experiment is not a good thing....well meaning relatives will wish they were not the teachers !

August 14, 2012 04:24 AM
Rainmaker
491,729
Erika Rogers
Your Personal St George Utah Real Estate Guide!
Re/Max First Realty

Ginny, I always insist that my buyers have a pre-approval letter or proof of funds letter from their bank before we start lookiing at homes.  It saves everyone a lot of worry and give the sellers more confidence in the deal going through.  Hope you're able to hold this one together for your sellers sake. Good luck!

August 15, 2012 12:35 PM
Rainer
71,505
Bas Panch
SCV Home Buyer

Hi Ginny,

Great blog. It always frustrates me when people think real estate is so easy and anyone can do it, so they get their relatives to work for them because it's cheaper. Get an experienced buyers agent who knows what they're doing! It will save a world of trouble for everyone involved. Thanks for sharing this and keep up the good work as a top North Kingstown short sale agent!

August 16, 2012 08:11 PM
Rainmaker
1,001,851

Ginny Lacey Gorman

Homes for Sale in North Kingstown RI and beyond
Need help Selling or Buying RI real estate? Call me
*
*
*
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the clock to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase: