HomeLight
JULY 31, 2021
Verify past sales. Harvell also suggests getting concrete proof that the buyer has purchased properties in their name as part of the vetting process. I’m not talking about a ‘proof of funds’ letter — those are easily manipulated,” he says. “If Verification of funds. Earnest money deposit.
HomeLight
MAY 24, 2022
The seller needs to verify that the cash buyer has the money to buy the house: 24 to 48 hours. Without a lender to verify funds, the seller will likely request proof of funds and earnest money from the buyer. Submit earnest money: 1 day.
The Close
DECEMBER 29, 2022
Earnest money deposit. Also known as a “good faith deposit,” it’s the amount of money a buyer puts in escrow to show their commitment to purchase a property. This can lead to a short sale, foreclosure auction, and/or the lender taking possession of the property. Proof of funds.
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