Im looking into this 5k house and the agent tells me I need proof of funds why is that can I just give them the 5k and own the house its a fanniemae property does that effect the home buying process becuase I want this property asap.
2007-08-20 16:09:33 · 6 answers · asked by josh d 1 in Business & Finance ➔ Renting & Real Estate
Its not in the bidding process
2007-08-20 16:22:28 · update #1
I'm not sure you presented the facts correctly. If the total price is 5k and you're buying it without a loan, you can put the money in escrow until closing and get the escrow agent to send a letter that says "I have the money".
They may be asking for proof that it's your money, and not a loan from a friend or family that you have to pay back.
Ask the agent if you need to put the purchase money in escrow, that may answer the question.
2007-08-20 16:23:24 · answer #1 · answered by open4one 7 · 0⤊ 0⤋
The bank wants a guarantee that the deal will go through. So many of them have been hit with bad deals and loans that they are just trying to be more careful. Show them a bank statement from 90 days ago to show them the money was there and then see if they want copies of 5 thousand dollar bills and visit the bank to get them. You could put that into an escrow account if you are sure the deal will go through. The agent should have been able to discuss this with you too.
2007-08-20 23:15:38 · answer #2 · answered by helprhome 5 · 0⤊ 0⤋
I think it to make sure your not a drug dealer or smuggler or anything. I just bought a house and I had to show them all of my pay stubs and bank statements for 60 days. Although I guess drug dealers need houses too. It does seem silly if you have all the money to have to go through all of that.
2007-08-20 23:18:30 · answer #3 · answered by samikay2683 3 · 0⤊ 0⤋
There are now also laws that govern home sales that require knowing where the money comes from. For example, lenders must do an OFAC check.
2007-08-20 23:18:03 · answer #4 · answered by CJKatl 4 · 0⤊ 0⤋
Must be part of the paperwork process. Are you going thru the bid process?
2007-08-20 23:17:10 · answer #5 · answered by bdancer222 7 · 0⤊ 0⤋
If it is a HUD foreclosure, you need to prove you can pay for it in order to bid on it.
You wont get it for 5k..... IMO it's fixed.
2007-08-20 23:16:43 · answer #6 · answered by Mike 6 · 0⤊ 0⤋