Cash Buyers Proof of Funds

We all love a good cash buyer. Just keep in mind that when someone says they have cash to buy a home, there’s still that question of, “Can you REALLY?”  Not that we think you would totally lie about something like that, but we totally see people lie about that all the time.

Prior to seeing homes, you will need to provide your agent with “Proof of funds”. Just like in the case of a financed sell, which you would provide a ‘prequalification’.  Sellers are more comfortable with letting strangers in to their homes, to check out their crib, when they know for a fact that they COULD legitimately buy it, if it was right.

What is a proof of funds?

Look, we understand that providing your agent with a bank statement is out of the question. Trust me, I don’t want that kind of access either! A solid “Proof of Funds”  (POF) is simple evidence that you could buy the home, if it was right. This can be in the form of an account summary page, with your private information redacted. This can also be in the form of a letter from your investment broker or your bank, stating that you do have “sufficient funds, to purchase a home up to $XXX amount” Or even a letter from your bank stating that you “have access to funds in the amount of $XXX”. I’ve even seen screen shots from an online bank showing your banking totals.  Proof, if legitimate, is sufficient proof.  We don’t need to over think it, but we do need to provide it, so be prepared ahead of time.

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