Proof of Funds

[Teacher Terry]

It’s a lot of work to vacate the house with kids, pets, and have it in perfect showing condition. Believe it or not some people go look at houses for entertainment which is why you have to be pre approved. This happens more with high end homes.

 

[Rianne]

Vanguard can do the similar proof of balance letter as well on the website: go to "statement" then click on more drop down menu and select "create account valuation report" with several options including "balance exceeding $xxx,000" etc.

I did not know that. Thanks.

 

[youbet]

No fraud involved if the amount of funds available meet or exceed the amount specified in the letter.

Changing anything in the letter without acknowledging the change and continuing to present it as being the original letter written by Schwab might not technically be "fraud" in this case. But presenting a signed document that has been altered from the original and with the original author not aware or authorizing the change is dicey at best.

A good way to test this would be to call your Schwab rep and ask if altering the letter but continuing to present it as the original was OK with them......... Pb4uski refers to his altered version of the letter as "falsified" and that's what it is. I wonder what else might be suggested just to get into someone else's house to sniff around?

If the objective is to show seller you're a legitimate buyer (and as mentioned in several posts above, there are LOTS of lookie-loos about these days) but not show seller the entire value of your account, work that out with your broker or bank without falsifying documents. Otherwise, just forget that house. There are lots of fish in the sea........

 

[youbet]

It’s a lot of work to vacate the house with kids, pets, and have it in perfect showing condition. Believe it or not some people go look at houses for entertainment which is why you have to be pre approved. This happens more with high end homes.

My cousin and her DH are selling their high-end home in the western suburbs. They have an extensive network of security cameras covering most every area inside. After reviewing recordings of folks touring their home, seeing what they did and listening to what they said, they're now trying to figure out how to have much more effective vetting of potential buyers.

 

[Gumby]

My cousin and her DH are selling their high-end home in the western suburbs. They have an extensive network of security cameras covering most every area inside. After reviewing recordings of folks touring their home, seeing what they did and listening to what they said, they're now trying to figure out how to have much more effective vetting of potential buyers.

Just so you know, Illinois is a "two party consent" state. Which means that it is illegal to record people's private conversations without their consent. 720 Ill. Compiled Stat. 5/14-2(a)(1), in relevant part:

Sec. 14-2. Elements of the offense; affirmative defense.
(a) A person commits eavesdropping when he or she knowingly and intentionally:
(1) Uses an eavesdropping device, in a surreptitious manner, for the purpose of overhearing, transmitting, or recording all or any part of any private conversation to which he or she is not a party unless he or she does so with the consent of all of the parties to the private conversation;
(2) Uses an eavesdropping device, in a surreptitious manner, for the purpose of transmitting or recording all or any part of any private conversation to which he or she is a party unless he or she does so with the consent of all other parties to the private conversation;

....

 

[MarieIG]

DS has one of those monitoring devices in his kitchen, so that he can check in on his kitties (and speak with them) when he is not home.

Upon information and belief, they did not consent to this invasion of their privacy, but are aware of the devise, and are not the least bit bothered by it.

 

[RetiredHappy]

It is very normal here but it is also at the discretion of the sellers' agents. There are several top agents here who won't ask for proof of funds after they "size" you up in discussing about the property. If they think that you may not be able to afford the home, they will ask you for proof prior to seeing them. The average agents almost always ask for proof. It is not offensive when the market is such.

We sold our previous home as a pocket listing, but had a buyer within 3 days of speaking the agent. We also bought our home before it got listed, when the agent heard from the sellers about "thinking" of selling their home. We saw the home the same day and it was done. All of these were done without showing proof of funds.