Here is a “proof of funds” explanation when you are buying a home cash. It is very simple actually. The bank or the seller wants to know if you really have the money. If they didn’t ask for proof of funds people could try to buy the house without being qualified. Some buyers do lie.
Or they may say they are doing cash when they are actually going to do a mortgage. They could say it is a cash sale when it was really a mortgage to get an edge up on the other buyers. See Cash is king. So a cash offer is better than a mortgage.
So the seller wants proof of funds. Proof of funds is just showing where the money is at or coming from. “Proof of funds” could be:
- a bank statement
- a mutual fund statement
- a letter from the bank/institution stating you have a specific amount of money with them
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