You are here:

Real Estate: California/Question about making an offer.

Advertisement


Question
Hi, I am a first-time home buyer looking for a house in S. California. My agent asked me to provide the most recent bank statement. This is needed to make an offer. I am willing to offer $60,000 of cash. However most of this money is in a online stock brokerage account. If I provide the statement from this account, will this deter seller from accepting my offer? Is it best to have the full amount sitting in a checking account? But it might take a year for me to find my dream home, I don't want to lose out on the investment potential on my current savings. What would you suggest?

I really appreciate your time of reading my question. Thank you very much.

Answer
The seller only wants to know that you have the money you say you have. It is known as verification of funds. It does not matter where the money is when you make the offer, as the seller can only assume that you can move it into escrow when you are requested to do so.

I would not recommend moving the funds until it is time to do so, as you never know if the sale will fall out or you may change you mind after your inspections of the home.

I would suggest you cross of all of the account numbers on the statements and make a copy to give to your agent.

Please let me know if I have answered your question.

David

Real Estate: California

All Answers


Answers by Expert:


Ask Experts

Volunteer


David Norwood

Expertise

I worked as a Licensed Real Estate Appraiser from 1994 to 1999. After moving to the Central Coast of California in 1999,I worked as a License Real Estate Broker. My brokerage company is David Norwood - Central Coast Real Estate. My expertise is in selling Homes and Land including: Short sales, foreclosures, Luxury homes as well as first time home buying. I can answer almost any question about real estate and will provide the pros and cons to any question.

Experience

Licensed Certified Real Estate Appraiser 1 to 5. Licensed Real Estate Broker Marketing professional for over 25 years

Organizations
California and National Association of Realtors Pismo Coast Multiple Listings Service

Publications
http://www.trulia.com/voices/profile/Real_Estate_Pro-Arroyo_Grande_CA-717753/ http://www.dnorwood.com/Pages/BLOG.aspx http://www.dnorwood.com/Pages/arroyo_grande_pismo_shell_beach_newsletters.aspx

Education/Credentials
Licensed Real Estate Broker #01260196 Licensed Real Estate Appraiser exp. Master of Science Degree, Cal Poly BA Art / Marketing, Photography and Design

Past/Present Clients
I am currenty working to find homes for several buyers and have homes Listed for Same in Morro Bay and Land in Santa Margarita.

©2016 About.com. All rights reserved.