Posted by Randy on October 02, 2003 at 14:12:36:
What the realtor is asking for is proof that you have been pre-approved by a lender, and can close and take possession of the property you are submitting an offer for.
Ask your mortgage lender or mortgage broker or for a pre-approval letter, and you may also need to show proof of down payment money.
Proof of funds letter - Posted by Doug
Posted by Doug on October 02, 2003 at 11:55:45:
I would like to know what would be sufficient for Proof of Funds that would satisfy a realtor?
Re: Proof of funds letter - Posted by Clair-MO
Posted by Clair-MO on October 04, 2003 at 14:22:29:
Doug, If a realtor asked you for proof of funds, he or she is probably working for the seller! Most realtors are concerned about their commission but also they want to be assured you will be able to get the loan if you have a good credit you shouldn’t have any problem. Now I would suggest in doing is simply mention to the REagent that you will have the funds and will prove it by sending a letter and a photocopy of a certified check to the title company in 3 days before closing. You are not trying to satisfy the realtor but the seller whom the realtor is representing. Some realtors will try to say it is “necessary” to have a pre-approval letter from the lender but it is a ploy to make sure their getting their commission.