what does proof of funds mean?

inShare What Does Proof Of Funds Mean? How Do I Supply That Information? What does proof of funds mean? How do I supply that information? Proof of funds means that you plan on paying for your purchase of a home or condo with cash. While you may have plenty of money in the bank and paying cash is not a problem, the seller wants proof that you have the funds. The simplest way to provide proof of funds is to print out a copy of your bank statement (or statement from wherever you have these funds) and black out the account number. You want to be sure your name and address are on the printout, as well as the date. It needs to be current (within the last 30 days). This information needs to be supplied to your Realtor before you begin looking at properties. Why? Well, although your Realtor has told you that you need to supply proof of funds, unless that proof has already been supplied, we cannot move forward making an offer. But you are only looking? While that may be the case, if you find a property you are indeed interested in, an offer cannot be submitted unless proof of funds (or if being financed, a mortgage preapproval) are attached to the offer. Sellers do not want to see offers without proof that the transaction can actually make it to the closing table. When your Realtor asks for proof of funds or a mortgage preapproval, know that it must be supplied up front. Otherwise, most Realtors will not take you out to see listings. It is considered a waste of everyone's time. Buying or Selling - - Call Barbara-Jo for all of your real estate needs! - - 727-512-0910 Ich Spreche Deutsch!!! Barbara-Jo Roberts Berberi, MA Charles Rutenberg Realty Serving the Greater Palm Harbor Florida Area, including Crystal Beach, Dunedin & Tarpon Springs Florida Waterfront condos & homes relocation, investment, upsizing, downsizing Your Real Estate Specialist 727-512-0910 visit my website to see all my current listings www.barbarajo.com connect with me online If you are thinking of purchasing in the Palm Harbor, Crystal Beach, Safety Harbor, Dunedin, Tarpon Springs area or along our pristine Gulf Beaches, give me a call! With years of experience in the local real estate market, I am here to assist you in making one of the most important purchases of your life! Give me a call today! Find out for yourself why living along the Gulf Coast is indeed living in Paradise! Posted by Barbara-Jo's Beach Blog - Palm Harbor Florida Real Estate on 03/08/2013 05:40 AM Comments (58) Buying a Home in the Home Buying Channel proof of funds, buying a home Originally posted at: Palm Harbor Florida Real Estate Blog: What Does Proof Of Funds Mean? How Do I Supply That Information? Generate short URL This post has been included in Florida Real Estate News Pinellas County, FL Real Estate News Palm Harbor, FL Real Estate News Post is included in group: Central Florida's Gulf Coast Post is included in group: Diary of a Realtor Post is included in group: Palm Harbor Florida and East Lake area Post is included in group: North Pinellas County Florida Post is included in group: ActiveRain Contests 58 Comments on What Does Proof Of Funds Mean? How Do I Supply That Information? 20 Most Recent Comments Displayed Show All « 1 2 3 » MAR 09 2013 Our Associations here also provide a financial statement form where a buyer can fill in financial information to attach to an offer to increase the seller's comfort level - income, assets & debts. Last week my seller nearly rejected an offer because the buyer's agent hadn't gone over the form with the buyer to be sure it was correct. The FHA buyer had submitted a $5,000 earnest money deposit and was showing only $4,500 in her checking account. If I hadn't asked for additional POF (and talked with the buyer's lender), we would never have known that there was an additional $20K in other accounts. Once that information was confirmed, my seller accepted the offer. Valerie Blake (Prudential PenFed Realty, Washington, DC) 7:21am • #40