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About 2 weeks ago we submitted and offer and within 3 days the seller requested our pre-approval. We provided them with that, now they are asking to see our bank statements. Is this normal?? I have never heard of a seller asking for the BS, there are two sellers in this property and one of them is the builder. Should I proceed with the offer or should I back up??
About 2 weeks ago we submitted and offer and within 3 days the seller requested our pre-approval. We provided them with that, now they are asking to see our bank statements. Is this normal?? I have never heard of a seller asking for the BS, there are two sellers in this property and one of them is the builder. Should I proceed with the offer or should I back up??
What does your contract say? Does it give the seller the leeway to ask for additional proof of funds available to close the purchase?
This seems a bit odd. I think the pre-approval letter should suffice but who knows. Maybe the seller was burn before and being paranoid? Ask your agent for professional advice.
[quote=Jaribu2000;13610053] -) About 2 weeks ago we submitted an offer and within 3 days the seller requested our pre-approval (letter?). We provided them with that, now they are asking to see our bank statements. Is this normal??
A) - No - it's not normal at all! These days, so-called 'pre-approval' letters are worthless because they usually include a contingency that says, "Yes, you're good for the loan 'subject to' a long list of requirements". In other words, it's not an 'approval' at all! -) I have never heard of a seller asking for the BS, there are two sellers in this property and one of them is the builder. Should I proceed with the offer or should I back up??
A) - A sellers requests are not grounds to proceed or withdraw. They can say and ask whatever they want. But you don't have to comply, do you?
A) - In this situation I'd ask them "What exactly do you need in order to accept my offer?". If we haven't agreed on the price, then none of this other stuff is relevent.
A) - If & when we agree on a price, then we'll start working on the contingencies - Proof of Funds being one of them.
A) - I hope you're not buying through the Listing Broker - if you are, that can be a source of problems.
A) - Just tell them, "Look, I've offered $250,000 - Are you interested at that price or not?". Their response will dictate yours.
Hope this helps . . . .
What does your contract say? Does it give the seller the leeway to ask for additional proof of funds available to close the purchase?
Is this a seller financed purchase?
No, the contract does not stipulate anything giving him the right to ask for anything other than the pre-approval and I am not getting the loan thru him so in other words he is no financing the purchase.
This seems a bit odd. I think the pre-approval letter should suffice but who knows. Maybe the seller was burn before and being paranoid? Ask your agent for professional advice.
We are the first offer he receives and I can't imagine a seller waiting more than 2 weeks to give us a counter offer unless he is not urge to sell.
Last edited by Jaribu2000; 04-05-2010 at 09:27 PM..
Is the seller providing any money for you to purchase?
No he was suppose to give us a counter offer according to his RS agent but then he started asking for this. Nothing has been sign and no offer has been accepted yet. He is not providing any money towards my purchase.
-) About 2 weeks ago we submitted an offer and within 3 days the seller requested our pre-approval (letter?). We provided them with that, now they are asking to see our bank statements. Is this normal??
A) - No - it's not normal at all! These days, so-called 'pre-approval' letters are worthless because they usually include a contingency that says, "Yes, you're good for the loan 'subject to' a long list of requirements". In other words, it's not an 'approval' at all! -) I have never heard of a seller asking for the BS, there are two sellers in this property and one of them is the builder. Should I proceed with the offer or should I back up??
A) - A sellers requests are not grounds to proceed or withdraw. They can say and ask whatever they want. But you don't have to comply, do you?
A) - In this situation I'd ask them "What exactly do you need in order to accept my offer?". If we haven't agreed on the price, then none of this other stuff is relevent.
A) - If & when we agree on a price, then we'll start working on the contingencies - Proof of Funds being one of them.
A) - I hope you're not buying through the Listing Broker - if you are, that can be a source of problems.
A) - Just tell them, "Look, I've offered $250,000 - Are you interested at that price or not?". Their response will dictate yours.
Hope this helps . . . .
It completely makes sense to me. He has NOT accepted our offer and according to his RS agent he wants our BS to give us a counter offer. This does not make since to me because to begin with our DP will go to the bank and he will then get paid at closing thru our bank. None of my money is going directly to him. We are first time home buyers but I have done some homework! lol
He probably wants to know you have the funds to close. Ask if that's all he needs to sign your offer.
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Offers & Counter Offers - Anything goes.
