All Forum Posts by: Mike Jones

 Thanks for the advice.

When i say In cash, I mean that i can withdraw the money in cash today. Or I could use my bank card and buy  a certified funds money order. These are ways to show that I have the funds on hand. Writing a check wouldn't work, because it could theoretically bounce. I didn't mean that I have it in actual cash.

I don't have a problem showing proof of funds. It's just i fear the property will be sold before I get to make an offer. It will only take a few days, but the property has a few offers already per the listing agent. The listing agent says a print of my balance wouldn't work. I need something from the bank. I will call them in the morning and see what can be done.

Thanks for your replies.

 That is the point. My bank does not have a local branch in my state. It's not like I can just walk in the bank and get it done.

I could pay for the house today cash or certified funds money order, but that doesn't seem to matter. I would give them 90% earnest money on the property, but I can't get to that point without being allowed to even submit an offer.

This is not about denying them proof of funds, it's about getting my offer in before the property is sold. 

 I don't want them to sign a contract without proof of funds. 

I want them to tell me whether or not they want to move forward with the offer amount and terms before I disclose my financial information. They will 100% use my balance to make a higher counter offer. It makes no sense for me to provide that information up front in a negotiation.

My bank has no local branch and it's going to take a while to get them to write a letter. I also have to make some deposits. It's going to take up  to a week to get all that done. I'm not denying them Pof. I just need time to get it. By the time I get what the agent considers proof of funds the property will be under contract.

 I agree, but In this case I feel the agent should have allowed me the option to place the offer without proof of funds. Considering the interest she already had from others with this property, and the amount of time it would take me to get the proof of funds. 

This is a cash sale. I'm expecting the house to be under contract by Tuesday. Which isn't enough time for me to get pof.

 That's after the winning bid. Not before the bid. You can't provide proof of funds when the sum isn't determined yet. 

Which is my point, it makes zero sense to not allow me to place an offer without proof of funds when you're going to put the property up for auction with zero proof of funds required to bid.

I really don't have a problem providing proof of funds, it's just the logistics. 

1. My bank does not have a local branch in the state. Getting a written statement from them will take time, as well as depositing some cash I have on hand.

2. Showing them the amount of funds I have in my account may trigger a higher counter offer. 

3. They might may not accept my offer regardless.

Seems like a backwards way of doing things and a major inconvenience for the buyer. In my opinion it has nothing to do with weeding out buyers who aren't serious, it's just a negotiation tactic. It makes much more sense to request such sensitive information after you have decided to move forward with an offer.

It's really sad, because I could give them a check or buy a certified funds money order and pay them right now. I have been saving up for place like this for years. It hurts to miss out on it because of something so trivial. 

Is proof of funds required to simply submit offer?  

I've submitted two offers in the past and was never asked for it. I was told it would only be required if the offer is accepted and the bank/owner wanted to move forward. (the offers weren't accepted)

I wanted to submit an offer on a new listing yesterday, but for some reason the listing agent refused to do it without proof of funds. She says the bank won't accept it.

The entire listing is just weird. The house is listed for a certain price, but the listing agent says it's going up for auction. However, there is no information about said auction available. She also said that submitting an offer before the auction for the full list price would stop the auction "usually"?

My thing is, how are you going to require proof of funds just to submit an offer, but you're planning to sell it at auction to random bidders with no way of verifying their funds before they bid. Completely illogical. The price of the house isn't even that much.  Just 15k.

I'm not a realtor or an investor I'm a normal person looking for a place to live, and I feel lost. The agent did a poor job of explaining things. I'm need advice about how to proceed on this. Although I'm sure by the time I figure this out the property will be sold already. :(

 Yes, I would be interested in moving to any town within 25 miles of Hoke county. Can you recommend any agents?

I'm a complete novice. So, I would need someone who doesn't mind explaining things.

I saw two listings yesterday, that are close to my price range. and within 15 miles of where I live.

One in Raeford 

Raeford Listing

One in Laurinburg

Laurinburg Listing

How can I find out if the owners would accept less than the asking price? Or maybe do a rent to own with a 17k down payment?

 Yes, I would be intered in moving to any town within 25 miles of Hoke county. Can you recommend any agents?

I'm a complete novice. SO, I would need someone who doesn't mind explaing things.

I saw to listing yesterday, that are close to my price range. and within 15 miles of where I live.

One in Raeford 

Raeford listing

One in Laurinburg

Laurinburg listing

How can I find out if the owners would accept less than the asking price? Or maybe do a rent to own with a 17k down payment?

 Before I started working my mom paid all the bills, but she's older now,  and  has some health issues. She can't maintain a job.  Atleast not the kind of job she would qualify for. My younger sibling is still in high school and I want her to focus on that so that she can go to college.

As for lifestyle indepence. I feel that having a home that I own will provide that for me. I won't have to worry about providing as much. I can cut back on work and go to school, or get my own place. I would have a lot of options and a lot of the stress I deal with would be alleviated. 

I know that isn't a lot of money, but I'm not looking for a mansion.

I'm 22, and I've been working dead end jobs since I was 18 to take care of my mom and younger sibling. In that time I've managed to save 17k, and I think it would be a good Idea to use it to buy a home. At this price I know that any property I acquire is going to need some work done to it, but that's fine, if I can live in it while I fix it up. This will allow me the financial freedom to go back to school and get the education I wasn't able to get because of my responsibility to my family.

I'm in the Hoke county area and I have seen many homes posted on Realtor-com in that price range, mostly mobile home REO. My only issue is that most of them are posted in pending status. Either that or the listing agent tells me I shouldn't make an offer because investors are offering more than the listing price. The price of the homes I'm looking at are too low to qualify for any type of loan. Even if the homes were eligible, I don't have any credit. I wasn't raised in the kind of environment that instills that type of knowledge, but I'm trying to correct that now.

I'm completely ignorant to all of this stuff, and I could use some advice on how to find a home. I'm not an investor, Realtor or a wholesaler. I'm just looking for a place to call home. I would even be interested in a rent to own situation as long as the remaining balance can be paid off in a year or so.