Atlanta Luxury Home Buyers Need Proof of Funds Letter
It has been a tough week for Atlanta luxury home buyers on the high end…because the low listing inventory levels in the Atlanta real estate market in general are actually moving the market here rapidly. It is not so much a buyers market when there is limited inventory and other buyers are writing When showing exclusive properties in the multi-million dollar range–or for that matter, even one million dollars, the foreclosure banks and/or private owners are demanding to see pre-qualification letters from borrowers and letters from your bank on cash deals. As an Atlanta luxury homes agent, I can personally attest to this.
Cash buyers constantly balk at this financing request saying they most certainly can afford the property and they act affronted when asked to produce a letter from their bank verifying funds. That is a major mistake! First of all they are not asking for bank accounts, statement numbers from your investments...they are requesting you have the ability to actually buy a home that you want to see. It is one thing to be able to afford a $100K home and pay cash, but quite another thing when you ask to see a 3 million dollar home on a whim. One man said when he bought his Hummer, he wasn’t asked to produce a letter of credit first, he saw all the cars he wanted, then bought the Hummer. Well there are some major differences between buying a 60K auto and an 5 million dollar estate! A luxury home is not a car. A car dealer will let me go in and out of cars all day long, day after day, week after week without asking if I can afford to buy. All I’ll get is a strong sales pitch on what they can do for me as opposed to another dealership.
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