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Updated over 4 years ago on . Most recent reply

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Kale Leavitt
  • Rental Property Investor
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Is it normal to ask for screenshots of bank account?

Kale Leavitt
  • Rental Property Investor
Posted

We are in the process of buying a second home with 10% down. We sent in a purchase contract offer and our realtor came back and asked for screenshots of our cash reserves in order to show the seller that we could put 20% down if needed. We felt that this only gave the seller an excuse to ask for more as it showed that we had enough in our account to cover more. As soon as I sent them over I regretted it and the more I thought about it the less okay I was with it. Sure enough, they came back and asked for more. So my question is, is this a normal thing to do? I have never experienced it but have not had very much experience in real estate. 

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Jay Hinrichs
#1 All Forums Contributor
  • Lender
  • Lake Oswego OR Summerlin, NV
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Jay Hinrichs
#1 All Forums Contributor
  • Lender
  • Lake Oswego OR Summerlin, NV
Replied

yes this is normal..  what we do ( since we have multiple accounts ) we simply move money from one to the other  IE lower the balance when needed or raise it.. 

Or I will call my private banker and simply have them jot a one paragraph letter stating that as of this date my client has at least X amount of funds in their account.. 

screen shots of bank accounts of course can be manipulated.. so when i am a seller  I am usually pretty cautious about that and want to verbally confirm just like I verbally confirm wire instructions EACH and EVERY Time.. 

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JLH Capital Partners

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