Real Estate Transaction. Seller Sees Your Savings Amount.

Remy

Remy

Well-known Member
Location
California, USA
Mentioned in another thread, I put an offer on a mobile in a park. It was below asking. My agent (and my agent says the listing agent, in her office agree it's overpriced) What she countered with was 2 thousand less than what I have in saving.

I gave a copy of my latest savings statement, with the account number blacked out. I get that the seller would want to know any buyer actually has the money to cover a cash offer. But why does the seller see it? Wouldn't it be enough for the listing agent only to see the amount and can then verbally confirm that the buyer as the funds?

I actually brought this up to my agent and she said she had a client with a significant amount in savings from an inheritance that brought up the same conern. I'm just suspicious that she countered with 2 grand less than my savings, with about 2 thousand for closing and drain my account.
 

Showing either agent a copy of your savings statement was a major mistake.
That your agent asked you to do that was wrong. I would change and find someone else who represents you.
If not, then tell your agent that your original offer was the maximum that you can afford, and to counter with that.
Or even better, subtract a thousand and counter with that. It's all up to you what you do, not your agent or anyone else.

Remy said:
This place is listed for well over 100,000
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That's way too much for a mobile home - that depreciates quite rapidly down to nothing.
 
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Buyers, sellers and their agents can ask for anything they want. However you don't have to provide it. But sometimes a seller may require it before accepting an offer, that is at their discretion.

You can always counter less than what the seller wants. It's all a part of the negotiation.

All the buyer now knows is what the maximum you could afford is, not the maximum you are willing to pay.
 

WOW, this wrong on so many levels. I understand that salespeople can't be trusted so never give them anything directly. All you need is a letter from your financial institution stating that you have funds available to meet the price and nothing more. Sadly, our finances are now being controlled electronically by financial institutions, privacy is fading while social scores rise.
 
You already were feeling uncertain about this place. Counter with an offer of what you’re willing to pay. Make it Final and contingent on a home inspection. Does it include appliances and window coverings? There are always expenses you never plan for. You don’t want to be house poor.

Does your realtor have stats of recent comparable sales for that area?

It doesn’t seem like she has any other offers.
 
Thank you everyone for your replies. I get that people want preapprovals for loan offers and wanting to know the buyer does have the cash. However my agent also told me there are people in the park who live in the travel trailers that are interested in the place but realistically, they have not made offers, may not get a loan and probably couldn't get the place anyway.

And no, I agree, the seller should not see my bank info. I'm OK with the agent seeing it and she can just say to her client, that the interested buyer does have the funds. LEAVE. IT. AT. THAT.

@Jules It is not in my target park but this has been going on for so long, and I'm tired and weary. The place is nice, not a floor plan I'd choose and I'd probably have to have the second bedroom refloored with linoleum for the litter box. My tabby over pees the box sometimes. (she's been fully check out, no infection, stones or crystals. Her x ray was clear, urine clear.)

The window coverings are those pull down insulated like honeycomb shades. I can see my tabby attacking them. I prefer blinds. After my agent told me the counter over the phone, my brain shut down and I don't remember what she said about the appliances. Gas stove and I don't like gas stoves.

I was afraid she'd counter with what I have and she did. Supposedly she has to move out of the area. I don't know. I kind of don't trust this seller at this point.
 
Also @Jules She didn't show me any comparable. I'm watching so closely, I've got a good idea with Realtor and Zillow. The place I looked at 1 1/2 years ago that I didn't get was a bit older than this one but still newer and nice. It sold for 86,000. I was willing to offer more but the seller had decided which offer to take already. I was willing to offer 4 grand more. Should have made it more. This place is listed for well over 100,000
 
Alligatorob said:
All the buyer now knows is what the maximum you could afford is, not the maximum you are willing to pay.
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Agreed! Just because I have it, doesn't mean I want to spend it. I'd like to have at least 1/2 the amount left to buy a new sub compact car. My car is getting older but running well. It's a Toyota. I need some cushion. I'm on my own. So no I'm not willing to drain my savings to the penny. Not happening. And it's not in my target park but again, I need to find a place.
 
It seems strange to me. My current landlord wanted confirmation of my monthly income. Understandable; they want to know I can pay the rent.

But if you're paying cash for a trailer? I don't even see how your bank account is relevant. You could have money under your mattress, or investments you can cash in, or a relative who can give you money, a car you can sell, etc.
 
Remy, she is not your agent. She is legally the agent of the seller. Her fiduciary duty is to the seller, and the seller's interests. And the seller's interest is to get the best price for the property. Frankly, the more she gets for her client is more for her commission. That does not mean she is necessarily dishonest, etc., but you do have to realize she is the seller's representative, not yours. I'm no attorney, but what your finances are not relevant, except when coming up with the cash at the moment of sale. That puts you in a poor negotiating position.
 
This was our experience last year with a cash buyer.

When our listing agent came with the paperwork for us to sign, he showed us a print-out of the buyers investment company's statement that verified there was money in that account to pay cash.
 
When I sold a property on an "owner carry", I asked the realtor for a credit report on the buyer.
He said it wasn't necessary.
But, it WAS necessary. I had to hire an attorney with a payment demand twice.

Having said that I'd consider it an invasion of privacy to have to prove my monetary worth
to anyone by showing them my savings account info. Listen to John Cycling. He was a realtor!
I too would find someone else to represent me! Take your time! Like Chet said!
 
This is so wrong on so many levels. I would tell the seller, either accept your initial offer or walk away. Its not only the offer that you have to consider its the monies attached to the transaction, agents comm. lawyers fees, home inspection, land transfer tax if you have that where you live. Think carefully, this sounds very fishy and never give out your personal info. it is nobodies business accept yours. The agent works for you and if selling homes there is as bad as here (homes not selling) they have to work hard. Good luck
 
Remy said:
Thank you everyone for your replies. I get that people want preapprovals for loan offers and wanting to know the buyer does have the cash. However my agent also told me there are people in the park who live in the travel trailers that are interested in the place but realistically, they have not made offers, may not get a loan and probably couldn't get the place anyway.

And no, I agree, the seller should not see my bank info. I'm OK with the agent seeing it and she can just say to her client, that the interested buyer does have the funds. LEAVE. IT. AT. THAT.

@Jules It is not in my target park but this has been going on for so long, and I'm tired and weary. The place is nice, not a floor plan I'd choose and I'd probably have to have the second bedroom refloored with linoleum for the litter box. My tabby over pees the box sometimes. (she's been fully check out, no infection, stones or crystals. Her x ray was clear, urine clear.)

The window coverings are those pull down insulated like honeycomb shades. I can see my tabby attacking them. I prefer blinds. After my agent told me the counter over the phone, my brain shut down and I don't remember what she said about the appliances. Gas stove and I don't like gas stoves.

I was afraid she'd counter with what I have and she did. Supposedly she has to move out of the area. I don't know. I kind of don't trust this seller at this point.
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WOW! These are all red flags that you should listen to. Don't buy something that you don't really want just because you're "weary". Hang in there. The right thing will come along. The first thing I'd do is get a new agent...just my opinion.
 
It sounds to me, that even though you are weary of looking, and it truly is difficult to find the right match,

that there seem to be far too many questions and down-sides, to this one. (including you don't like gas stoves)

I would either move on from this one, altogether now,

OR<, I would offer something less than your previous offer, and then, let it go at that. Nothing else.
(yes, Less, so they all know that you are not going any farther)

Start looking elsewhere, I would suggest. @Remy
 
Jules said:
That’s not helpful advice to you use your whole savings account, especially as senior, just because you want it over.
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Definitely true!
You will/would have many expenses on making the home into your own, and into the condition you need,
and there are always other expenses as well, such as your car, as you mentioned.

We cannot afford to spend all our reserves. I was once told I could afford a car loan with large payments, which I feared that perhaps I could not afford.
I had other ongoing normal expenses. The sellers knew that, and didn't care. I was always glad, later, that I didn't believe them at that time. Whew!
Don't fall for that. Take care, and be careful!
@Remy
 
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fuzzybuddy said:
Remy, she is not your agent. She is legally the agent of the seller. Her fiduciary duty is to the seller, and the seller's interests. And the seller's interest is to get the best price for the property. Frankly, the more she gets for her client is more for her commission. That does not mean she is necessarily dishonest, etc., but you do have to realize she is the seller's representative, not yours. I'm no attorney, but what your finances are not relevant, except when coming up with the cash at the moment of sale. That puts you in a poor negotiating position.
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I know When I sold my house after the down turn in what? 2009 I think. I told my agent to set the price and price it to sell. I knew she would not go with some low number as she also wants to make as much as possible on her commission. Anyway, I got an offer and I didn't even counter, I took it. It was reasonable enough.
 
Kaila said:
It sounds to me, that even though you are weary of looking, and it truly is difficult to find the right match,

that there seem to be far too many questions and down-sides, to this one. (including you don't like gas stoves)

I would either move on from this one, altogether now,

OR<, I would offer something less than your previous offer, and then, let it go at that. Nothing else.
(yes, Less, so they all know that you are not going any farther)

Start looking elsewhere, I would suggest. @Remy
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Thanks yes, I don't think I would trust this seller. If she has to make this move, she seems to need this money she's asking. I'm almost afraid of the condition she would leave the place in. I really don't think I'm so interested anymore.
 
Colleen said:
WOW! These are all red flags that you should listen to. Don't buy something that you don't really want just because you're "weary". Hang in there. The right thing will come along. The first thing I'd do is get a new agent...just my opinion.
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Thank you Colleen but you have no idea how things do not work out for me. I'm worn out, weary and scared and I'm on my own. Last night my stepfather began to ask me a question "have you heard anything from...." I thought he was going to ask me about this place. Nope, it was if I heard from the free tax prepared outfit for seniors. I've had to call and e mail due to his hearing impairment and filled out the form online for him. I'm alone with a 93 yo burden.
 
NorthernLight said:
It seems strange to me. My current landlord wanted confirmation of my monthly income. Understandable; they want to know I can pay the rent.

But if you're paying cash for a trailer? I don't even see how your bank account is relevant. You could have money under your mattress, or investments you can cash in, or a relative who can give you money, a car you can sell, etc.
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Well I think they think it is. Like I said, after my agent told me her counter over the phone my brain shut down but there was a list of demands including 'park approval in 5 days' which of course I'd be approved. Single female, 55+, two strictly indoor cats, meet the income requirement.
 

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