How Should a Buyer Verify Financials?
July 13, 2015 In Uncategorized
A lot of Buyers in this competitive market are losing deals because of improper or questionable financial verifications.
Buyers : When you present an Offer & must submit your financial verifications, it is essential that the name[s] of the Account Holder on the accounts you provide match the Named Buyer[s] on the Purchase Offer. Otherwise, whatever accounts you have submitted do not support the Offer you have sent.
You cannot use a joint bank account with a spouse unless both spouses are also named as Buyers on the Purchase contract. If funds have been “promised” by a parent, unless that parent is also a named Buyer, the verification is not adequate.
The named Buyer must show he has total control of the funds using to verify payment.
Also, if a Loan is involved, the name of the Borrower must also be the same as the named Buyer. Every individual named as a Borrower must also be named as a Buyer on the Purchase Contract. Any name not on the loan, cannot be a named as a Buyer.
It is actually quite simple: whatever individual[s ] or entity is named as the Buyer on the Purchase Agreements must also be the exact same as the Borrower and the Account Holder of funds. If your documents do not match, the Seller may decline to accept your verifications.