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 buyer 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 market, call Ginny today at 401.529.7849.