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Never fear, this is often easy, and fairly quick to do over the phone or via email, even if you have another written pre-approval from YOUR preferred lender. 
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11 Comments on I need to Submit a Bank Statement for My Pre-Approval to Buy an REO
Jeff, it may sound funny, but when you go to your bank and ask them for a statement, they would print it out and give it to you. The trick is that it does not show the Bank name same way as if you printed it yourself.
What you need to do is ask them to stamp the Statement and sign.
Jeff, REO properties in SF bay Area are a hot commodity. They sell fast with multiple offers. Most of them go all cash. So the best thing will be to get a real statement with letter head or as Jon mentioned above that get a stamped letter from the Bank showing your funds. Great suggestion Jeff to be prepared.
Hi Jeff,
Typically , the REO agent's lender , not usually the lender involved in the transaction, puts pressure on the Buyer to use their service, even where there is an existing relationship. Have had it happen quite a few times and it is really quite annoying.
Great way to show your buyers that they are not being singled out . It makes sense that the bank wants to be sure they have a qualified buyer.
Jeff: We are finding more and more of our servicing companies are requiring pre-approvals from their lending arms ... and they actively are trying to convert buyers to their services. If a lender is loosing on the front end of a foreclosure ... they are now trying to reduce the total loss by making up some income on the new purchase.
Jeff,
You bring up a great point that perplexes many buyers and many short sale sellers. The lenders want print outs that show the bank's name AND logo.
Jon at comment #1 has a great solution. Attaching a screen print showing the logo also works sometime.
Great advice JEff! I agree, I think most buyers should have a preapproval ready before they even start seriuosly looking at homes!
Jeff, the full account number also needs to show besides their name and bank name. Most bands these days have the monthly statement on line which is an exact copy of what the monthly statement that they would mail out.
Also a print out from the Teller at the bank with the running daily activity is also acceptable, and that can be gotten while they are there, we have Borrowers do this all the time. But most banks will print that out on plain paper, which means that the bank name will not be on it, so the Teller needs to stamp it with the bank stamp and sign it.
Jeff, you have really put into words what so many REO buyers don't consider. Thanks, I'm passing this on!
Great point about the name being on the internet print out - all the security issues just show the last 4 digits. I have had clients who have gone totally paperless have huge problems. My bank only posts the last 4 digits. I stil have some checks for snail mail bills and have had to provide a copy of the check along with the print out showing they are the same.
Just tagged you for a re-blog on this excellent post with this intro "
Jeff Dowler, So-Cal specialist recently wrote a great post about banks requiring bank statements with an offer. I often have to have this discussion with buyers. My response is that I've had to supply complete financials every 30 days for a short sale...and I'm the potential BUYER! Jeff's post is great! Thanks for making it available to re-blog."