Author Topic: Priority List - Down Payment  (Read 866 times)

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Offline Slevinkelevra

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Priority List - Down Payment
« on: July 29, 2021, 01:49:02 PM »
My wife and I just visited a Irvine Pacific development as we are looking for a larger home.  We are currently pre-qualified through the preferred lender that Irvine Pacific requests (for more than the development is asking with upgrades.)  We are looking at another IP product that is slightly more expensive as well.

The sales associate told our realtor that they need proof of down payment to place us on the priority list.  We've never heard of this request before.

I'd love to hear your thoughts on the matter.

Of note our pre-qualification has no contingencies and no down payment verification.


Offline USCTrojanCPA

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Re: Priority List - Down Payment
« Reply #1 on: July 29, 2021, 02:00:57 PM »
My wife and I just visited a Irvine Pacific development as we are looking for a larger home.  We are currently pre-qualified through the preferred lender that Irvine Pacific requests (for more than the development is asking with upgrades.)  We are looking at another IP product that is slightly more expensive as well.

The sales associate told our realtor that they need proof of down payment to place us on the priority list.  We've never heard of this request before.

I'd love to hear your thoughts on the matter.

Of note our pre-qualification has no contingencies and no down payment verification.



As long as you provided their preferred lender with proof of your assets then you should be good.  Speak with their lender to get an uploaded loan pre-approval and have them send it to that other sales office.
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Re: Priority List - Down Payment
« Reply #2 on: July 29, 2021, 03:26:26 PM »
My wife and I just visited a Irvine Pacific development as we are looking for a larger home.  We are currently pre-qualified through the preferred lender that Irvine Pacific requests (for more than the development is asking with upgrades.)  We are looking at another IP product that is slightly more expensive as well.

The sales associate told our realtor that they need proof of down payment to place us on the priority list.  We've never heard of this request before.

I'd love to hear your thoughts on the matter.

Of note our pre-qualification has no contingencies and no down payment verification.

You should not feel rattled or shocked. (nothing against you, its just a process) There is a quote unquote list for the builder to follow up who are prequalified to buy a home.

Good luck. But the bargains might pop up as the end of this month. (probably not in Irvine)
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Offline Slevinkelevra

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Re: Priority List - Down Payment
« Reply #3 on: July 29, 2021, 04:07:34 PM »
I should have been more detailed.  We provided all documentation to the Preferred Lender and received the formal Pre-Approval letter back from the Bank.

This was letter was submitted to the sales office of the development and they stated they will NOT place us on the priority list without proof of funds for down-payment (bank statement, etc.)

I'm not comfortable sending a copy of my bank statement to a builder sales office representative who has nothing to do with the financing.  Am I wrong in this situation?


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Re: Priority List - Down Payment
« Reply #4 on: July 29, 2021, 04:36:41 PM »
I should have been more detailed.  We provided all documentation to the Preferred Lender and received the formal Pre-Approval letter back from the Bank.

This was letter was submitted to the sales office of the development and they stated they will NOT place us on the priority list without proof of funds for down-payment (bank statement, etc.)

I'm not comfortable sending a copy of my bank statement to a builder sales office representative who has nothing to do with the financing.  Am I wrong in this situation?

Sounds normal. Almost like submitting an offer to buy a house. You have to show proof of funds.

Offline mythicquest

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Re: Priority List - Down Payment
« Reply #5 on: July 29, 2021, 05:09:36 PM »
normal if the PQ is from an outside lender. I usually just send a screenshot with my acct numbers blurred out.
« Last Edit: July 30, 2021, 12:53:27 AM by mythicquest »

Offline Irvinehomeseeker

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Re: Priority List - Down Payment
« Reply #6 on: July 30, 2021, 05:27:33 PM »
i didn't have to send proof of funds to IP to get on priority list. I gave my docs to Union Bank, who pre qualified me. If the builder has questions, they can contact the bank.

Offline Slevinkelevra

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Re: Priority List - Down Payment
« Reply #7 on: July 31, 2021, 08:11:46 PM »
It was their preferred Lender Union bank whom I sent all docs to.  They are still requesting proof of funds and specifically stated they will NOT place us on the priority list without it.

Tbh the whole situation seems strange, my realtor has never once had an instance of requested proof of funds from a builder (not lender) for a priority list.




Offline Cares

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Re: Priority List - Down Payment
« Reply #8 on: July 31, 2021, 08:18:38 PM »
It was their preferred Lender Union bank whom I sent all docs to.  They are still requesting proof of funds and specifically stated they will NOT place us on the priority list without it.

Tbh the whole situation seems strange, my realtor has never once had an instance of requested proof of funds from a builder (not lender) for a priority list.

It's pretty normal in my experiences that just providing proof of funds and down payment will get you on the priority list. You don't have to do it but again you're at their mercy. Just like listing agents requiring you to pre-qualify with their lender, you have no choice. They have what you want and not the other way around.

 

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