Proof of Funds - Tell Me You Have them for my Home Sellers?!

Real Estate Agent with RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate

Proof of Funds - Tell Me You Have them for my Home Sellers?!  There is a lot of irony in life but when you as a home Real Estate bowl of inaccuraciesbuyer are pre-qualified for a mortgage that is not one of them.  It is a straight analysis by the mortgage broker of your credit, financial stability and assets in hand to purchase a home.  When a buyers agent does not do their due diligence and has a hands off attitude...well I get upset!

Time is of the essence in many Rhode Island real estate transactions and I want, as the listing agent, for everything to fall into place well for my sellers.  Being methodical and organized, I have my push dates to the buyers agent when paperwork does not come in as planned...say Proof of Funds for instance.

A closing recently had a 'step in' real estate agent that was a relative of a buyer so although the buyers had dealt with me at the last minute they handed their transaction to their cousin.  WHY?  She is new in the business, I was told, and we promised her we would give her the buying side (not selling side of their current home) on a new home.  A bit miffed and not wanting to pursue procuring cause because I had a great deal for my homes sellers happening I let it go.

But where is this buyer's agent?  Shows up for the home inspection but everything else is like pulling teeth.  Now the buyers are not going for a mortgage and noone told me??  So get me the Proof of Funds now I said.  The buyers did not understand this concept and guess what the buyers agent could not explain it.  I made it quite clear that the Proof of Funds to buy the home, inclusive of all savings accounts, stock assets, 401k, home equity line they were using, had to be delivered to me by 'X-day' or we were no longer in contract.  

Buyers understand that there is a timeline to be met and delivered on when purchasing a home.  If you do not meet those deadlines, you can lose your dollar deposit on the home you wish to purchase.  Use a buyers' agent that knows their job and protects your interests.  I believe this home purchase is a learning experience for these buyers.

If you're looking at North Kingstown homes for sales and for your dream home, let me help you find it.  Schedule your home tour appointment today!  I'd love the opportunity to help.   Phone me today at (401) 529-7849, or email me at to schedule an appointment. Proof of Funds - Tell Me You Have them for my Home Sellers?!


Ginny Lacey Gorman is a North Kingstown Realtor who works and knows the North Kingstown RI geographic area of homes for sale, schools, happenings, important tidbits of information and  businesses well.  Waterfront, water view, ocean front, luxury and coastal Rhode Island real estate are her specialty.  If your considering Buying, Selling or Relocating to Rhode Island and need a real estate Professional it would be my pleasure to help you!    When you are in need of an internet savvy RI realtor® who sells homes in this Rhode Island real estate marketcall Ginny today at 401.529.7849.



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This blog © and its contents is original to Ginny Lacey Gorman

the RI waterfront Realtor of Choice


Ginny L. Gorman, a purveyor of Fine RI Waterfront Real Estate   

Specializing in waterfront, ocean front, vacation, coastal and luxury homes for sale in North Kingstown, South Kingstown, Narragansett, Jamestown, Charlestown, East Greenwich, Exeter, West Greenwich RI and beyond ...  I sell dreams!  Because there is no place like home...the RI Real Estate Agent in the Sparkly Red Shoes.


Looking for a knowledgeable Rhode Island Real Estate Agent?  Let me GOOGLE one for you!


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cell: 401.529.7849      Ginny Lacey Gorman, Realtor




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Jacob Thomas, Weston, Davie, Coopercity, Southwest Ranches, Miramar Realtor
South Florida Estate Homes Inc - Weston, FL
South Florida Estate Homes Inc.

Buyers agent are always the best!!! Nice article!!

Best Wishes

Aug 12, 2012 09:27 PM #1
Clint Mckie
Desert Sun Home, commercial Inspections - Carlsbad, NM
Desert Sun Home, Comm. Inspection 1-575-706-5586

Hi Ginny,

In many, many cases the paper work is always delayed by one reason or another. Every one wants to blame the underwriters and the loan officers. But in some cases, the delays are attributed to the Real Estate agent and thier inexperience in matters that take a lot more "due diligence" than a straight forward purchase.

I hope I did'nt loose you on this comment. LOl

Have a good day in North Kingstown, R.I. 

Best, Clint McKie

Aug 12, 2012 09:28 PM #2
Liz Wallace
Century 21 Sherlock Homes - Rockville Centre, NY
Broker C21 Sherlock Homes, Rockville Centre, LI, N

It is beyond belief that people would actually trust the biggest purchase of their lives to someone because they are related or the Agent is nice.  They might as well tatoo stupid on their foreheads.

Aug 12, 2012 09:32 PM #3
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
"Franklin MA Homes"

Ginny.... you can pursue that procuring cause situation after the closing.....have your office withhold the buying end funds and address it with the proper board.... do not pay that other agent.... I've never heard of a "step in' agent.... my blood's boiling just thinking about it..... let the transaction continue and close it.....DO NOT PAY THE OTHER AGENT...since when does the buyer direct who's getting paid!!!!!!!!

Aug 12, 2012 10:02 PM #4
Ginny Gorman
RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate - North Kingstown, RI
Homes for Sale in North Kingstown RI and beyond

Jacob, thanks for stopping by.

Clint, blood seems to be thicker than sound knowledge here.

Liz, maybe it is because of the 6 degrees of separation in RI...

Barbara, we'll see how this one plays out...  thanks for the support!

Aug 12, 2012 10:20 PM #5
Joan Cox
Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Ginny, some transactions take everything you have to get them to close!     It is especially worrysome when dealing with a new agent, and wish you LOTS of luck my friend!

Aug 12, 2012 10:33 PM #6
Eileen Hsu
Douglas Elliman Real Estate - Manhattan, NY

Here in Manhattan we encounter a lot of cash deals where as the listing agent we always require a proof of funds.  I agree that the proof of funds is an absolutely necessary aspect to show that a buyer can do what they say they want to do, protecting the seller is of the utmost imortance.

Aug 12, 2012 10:50 PM #7
Anita Clark
ColdwellBanker SSK Realtors ~ 478.960.8055 - Warner Robins, GA
Realtor - Homes for Sale in Warner Robins GA

Ginny: Working with a newbie agent can be a frustrating experience, especially when they aren't doing everything expected of them.

Aug 12, 2012 11:38 PM #8
Kristine Ginsberg
Elite Staging and Redesign, LLC - Short Hills, NJ
NJ Home Stager

Ginny - obviously this new agent doesn't get that if their clients don't meet their deadlines, there could very well lose their deposit on their dream home! Sounds like a few people are dropping the ball. Hope thing turn around today!



Aug 12, 2012 11:54 PM #9
Kathryn Maguire (757) 560-0881 - Chesapeake, VA
Serving Chesapeake, Norfolk, VA Beach

Ugh! I feel your pain.  Proof of funds is not an unreasonable request and you would think that the buyers would be able to step into the seller's shoes and understand why this is necessary for a cash purchase.

Aug 13, 2012 12:20 AM #10
Ginny Gorman
RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate - North Kingstown, RI
Homes for Sale in North Kingstown RI and beyond

Joan, this one is painful for sure...

Eileen, ditto...but they were getting a mortgage & then decided to pay cash without telling me...just want the POF in my hot hands here!  thanks

Anita, i don't mind new agents since we were all there once...but it is the repeating of the same information that should be unnecessary...right?

Kristine, there are all types in every business we need to contend with...

Kathryn, it is a yikes moment here..

Aug 13, 2012 01:25 AM #11
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Ginny I run into the same type of thing, especially when a Borrower insists on using an Attorney that does not do Real Estate, but is a friend or relative that is going to do it for nothing.  That nothing can cost a whole lot when things start to go wrong at the Closing.  We use to have to deal with that until we went to a closed attorneys list.

Aug 13, 2012 09:25 AM #12
Sally K. & David L. Hanson
Keller Williams 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce - Short Sale

Being anyone's real estate experiment is not a good thing....well meaning relatives will wish they were not the teachers !

Aug 13, 2012 09:24 PM #13
Erika Rogers
Red Rock Real Estate ~ Southern Utah's Largest Independent Brokerage - Saint George, UT
St George Utah Real Estate & Relocation Specialist

Ginny, I always insist that my buyers have a pre-approval letter or proof of funds letter from their bank before we start lookiing at homes.  It saves everyone a lot of worry and give the sellers more confidence in the deal going through.  Hope you're able to hold this one together for your sellers sake. Good luck!

Aug 15, 2012 05:35 AM #14
Bas Panch
SCV Home Buyer - Valencia, CA

Hi Ginny,

Great blog. It always frustrates me when people think real estate is so easy and anyone can do it, so they get their relatives to work for them because it's cheaper. Get an experienced buyers agent who knows what they're doing! It will save a world of trouble for everyone involved. Thanks for sharing this and keep up the good work as a top North Kingstown short sale agent!

Aug 16, 2012 01:11 PM #15
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Homes for Sale in North Kingstown RI and beyond
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