A real estate buyer’s financial viability is essential to a smooth transaction. However, bank letters are weak, can be easily faked – and they’re also biased. Plus, luxury home-buyers and investors aren’t fans of having to prove themselves to access a listing or receive financial statements. Certified Proof of Funds is actually a secure, simple method for a client to demonstrate economic prowess without having to sacrifice privacy or providing an array of hard copy personal reports and statements.
Certified Proof of Funds helps clients demonstrate the funds
Users create an account and in minutes can connect numerous bank relationships. The software is capable of working with as much as 750 banks, including all major institutions.
As soon as the user has linked the proper accounts demonstrating that enough funds are indeed accessible to handle the transaction, a digitally-encrypted certificate is generated.
The legal document looks like a typical certificate, which is what may cause some to question its validity.
However, the document contains binding language, unique identifiers and authentication features not found anywhere on an emailed letter or boilerplate bank letter.
The “certified proof” will then be emailed to each and every agent party to the transaction.
Certificates get saved in the buyer’s account for re-use if needed, and they could be customized for the exact amount pertinent for the sale.
Privacy, partners and convenience
The process allows buyers to keep from sharing which bank they work with and avoid the tedious process of printing or sending bank statements that share unrelated personal expenses.
For users of zipForms, Certified Proof of Funds will automatically produce a request for proof depending on the dollar figures in the offer, streamlining the process. That proof of funds will then be connected to the buyer and that transaction.
Members of the California Association of Realtors have access to the software through the resources page as well.
A long time coming
The potential risk of handling multitudes of financial information about clients should rattle agents, as well as banking institutions.
I’ve seen agents with physical copies of their buyer’s financials resting on the front seat of their car. Emailing is equally insecure.
Certified Proof of Funds creates a legal document that shares no unnecessary financial data, account numbers or banking relationships.
This is a tool best recommended by agents to buyers who pay in cash or pursue seven-figure buyers.
Privacy is growing ever more critical today, plus the “old way” of proving funds can’t keep pace. If you would like to learn more, Certified Proof of Funds Website. Or leave your comments or questions simply click here