Our agent presented us with a full price cash offer with a quick close. In the deposit section, contract stated buyer would deposit full purchase price as the deposit, wired to the escrow agent within 3 days. On day three, no funds. Escrow agent told us the seller’s agent said there was a problem with the wire and that it was forthcoming. Our real estate agent also reassured us. We waited. Meanwhile, our house is off the market. Four days passed, and we finally demanded an explanation. We asked our agent what proof of funds she had received from sellers agent. She said she was given verbal assurance that they had the full amount and got confirmation from their banks only that they are an account holders because of privacy laws. They did not pursue it. Our agent told us none of this. The escrow agent also told us that, according to the buyers, obtaining the wire from their account at Schwab was delayed because of a nationwide hack. I have three Schwab accounts and received no such notice. My account is accessible. We demanded that our agent put the house back on the market but she insisted on saying it is still under contract and accepting backup offers. Was it unreasonable for us to anssume she had received proof of funds? We bought a condo cash and had to provide bank statements. We’ve now been off the market for over a week. I am beyond pissed and want to fire the agent but I don’t want to start over. I don’t understand what’s in it for the buyer. They paid for inspection and it passed so they can’t invoke that provision. According to the contract, we could sue them for the deposit but we just want to sell and move on.
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source https://www.reddit.com/r/RealEstate/comments/17suupv/proof_of_funds_for_cash_offer/
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