Importance of Proof of Funds/ Cash Buyers
Oh my Gosh...what a story we are encountering with in the company. Wonderful home...Agent gets a call...Someone wanting to look at a home. Yea!! Wonderful sounding people..Seemed very normal. The agent shows the home...The buyers absolutely love it..Yippy!! .Before they even finish seeing everything...The buyers are already saying ..."We want it, When can we close, We are cash buyers, Can we move in tomorrow". Yippy Yea!! "Dream buyer" -- "Fast closing" --No hassle with bank appraisals--Underwriting---etc. Now they go to the closing, 1 week later on a Friday...One reason after another, The wire has not came through from the buyers personal bank...Everyone is Devastated...Again the buyer makes all the promises in the world, Asking to move in. Agent did not recommend that. Monday comes...still NO wire...Now things are sounding pretty suspicious...(a lot of details, trying to make a long story short) Found some back ground information out on this guy. Lots of history of writing bad checks, in and out of jail over writing bad checks...WOW...and to learn he has escaped pretty recently. So lets say they would have let this buyer move in. And no proof of funds -- The seller would of had to go through lots of legalities, to get them removed from the property...If they were in the middle of a contract..The process could have looked like a type of foreclosure ...Tenet rights kick in...all kinds of stuff. You can say going through the loan process with a buyer has it's advantages.
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