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Should a Cash Buyer Have to Show Proof of Funds With Their Offer?
Should a Cash Buyer Have to Show Proof of Funds With Their Offer?
When you have a listing in an active adult community, for residents aged fifty-five or better, you are bound to see cash offers.  What I continue to be surprised by is that the cash offers are more often than not, unaccompanied by proof of funds.  What the......I mean, come on!  If a buyer with a loan rolled up on a listing and said they were qualified to buy with a 5% conventional loan, ninety-nine percent of listing agents out there would not consider it a legitimate offer unless a pre-approval letter had been received.  And even at that, some pre-approval letters will have strong listing agents, like myself, calling lenders to see exactly how much they know about their buyer.  How long have they been at their current job?  Have income and assets been verified?  
It is our duty as listing agents to protect our sellers, and that means pouring over the details provided, and digging for details not provided.  Yet, in the past couple weeks, I have encountered buyer agents who feel it is perfectly legitimate to send a cash offer with zero proof of funds.  Apparently, it is ... more

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