It was written as an all CASH offer. Note, it was Written As. However, there was no bank statement, no Yen, no Dollars, no proof that there really was all that cash for a 1/2 million dollar property!
As the listing agent I have to follow all leads, right? Have to investigate all offers. Well, all valid offers. There is a fine line there. But, since I've seen this type of oddity before, it was not considered a valid offer in my expert opinion.
Buyer, nor their agent, had ever physically been to property. Offer was for a 20 day close, came with a full contingency removal. Indicated that within 3 days the buyers deposit would be wired to escrow and that within 5 days buyer would provide proof of funds.
Remember the post about Chinese money-laundering a while back? Well, I wasn't even thinking it was a laundering scam, I just felt it was another type of scam.
So, I let the agent know I had received her offer but until she could provide proof of funds it wasn't considered a valid offer. Distinctly asked her how many properties buyer had written on, she stumbled. Also asked her how long she had been working with buyer, she indicated 4 weeks.
She said she would get me the proof of funds within 24 hours. That it has been a delay continuously with this buyer of hers. I contacted her the next day, 36 hours later, to let her know I had not received the proof of funds. Who knows, could have been trapped in e-mail hell. Yeah, right!
If I was trying to represent a buyer from another country, I'd have all of my ducks in a row well before I wrote an offer!! Including proof of funds to go with the offer.
At any rate, I'm still waiting for proof of funds. And, since I doubt I'll ever get that, this is a story to share with anyone that thinks an all cash offer is awesome......without the cash to prove it!
No comments:
Post a Comment