Purchasing a condo and they are asking for a statement of funds...is this commonplace or should I be concerned?

We were asked to get pre approved for a mortgage from one of their partners and we were, and now they are asking for a statement of funds.  I’ve asked around and no one seems familiar with that. Is this commonplace or should we be concerned? Thanks and appreciate any insight into this.

sokny

in Real Estate - Sales 13 years and 5 months ago

2

Please log in, in order to post replies!

2 replies

Newest Oldest

housebywe | 13 years and 5 months ago

string(1) "1"
object(WP_User)#4887 (8) {
  ["data"]=>
  object(stdClass)#4864 (12) {
    ["ID"]=>
    string(3) "639"
    ["user_login"]=>
    string(9) "housebywe"
    ["user_pass"]=>
    string(34) "$P$BJGw3C0oPx0D0U1j3LcOF5xYmA7Mc6/"
    ["user_nicename"]=>
    string(9) "housebywe"
    ["user_email"]=>
    string(18) "info@housebywe.com"
    ["user_url"]=>
    string(24) "http://www.housebywe.com"
    ["user_registered"]=>
    string(19) "2017-08-10 14:11:41"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(9) "housebywe"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(639)
  ["caps"]=>
  array(2) {
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(2) {
    [0]=>
    string(10) "subscriber"
    [1]=>
    string(15) "bbp_participant"
  }
  ["allcaps"]=>
  array(4) {
    ["read"]=>
    bool(true)
    ["level_0"]=>
    bool(true)
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

It’s a little odd considering you’ve already been vetted by someone they presumably trust, but there is no reason to be alarmed by the request itself.  Itemized assets and liabilities are typically submitted with the original offer to purchase and a seller may ask to see bank statements to confirm stated down payment (with numbers crossed out of course), copy of credit report, etc.  If you were purchasing a co-op you would be required to submit quite a bit more.

daveinbedstuy | 13 years and 5 months ago

string(1) "1"
object(WP_User)#4886 (8) {
  ["data"]=>
  object(stdClass)#4885 (12) {
    ["ID"]=>
    string(4) "3864"
    ["user_login"]=>
    string(13) "daveinbedstuy"
    ["user_pass"]=>
    string(34) "$P$BtJYyObAQmff2MQp.qFP7/kmwU1bBZ1"
    ["user_nicename"]=>
    string(13) "daveinbedstuy"
    ["user_email"]=>
    string(19) "djl135e54@yahoo.com"
    ["user_url"]=>
    string(55) "http://bstoner.wpengine.com/forums/users/daveinbedstuy/"
    ["user_registered"]=>
    string(19) "2017-08-10 14:23:53"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(13) "daveinbedstuy"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(3864)
  ["caps"]=>
  array(2) {
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(2) {
    [0]=>
    string(10) "subscriber"
    [1]=>
    string(15) "bbp_participant"
  }
  ["allcaps"]=>
  array(4) {
    ["read"]=>
    bool(true)
    ["level_0"]=>
    bool(true)
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

Real Estate Board of NY (REBNY) Financial Statement would suffice and is the norm.  I assume it can be pulled up online.  On it you list your income and expenses and your assets and liabilities.