Seller Will NOT Give Bank Statements - WWYD


I have a property under contract. The broker said that the seller is:

“uncomfortable giving their banks statement because they run a good deal of the personal items through that too. It would be difficult for you to pull out what is a park expense and a personal one.”

How would you react?

Note: They have tax returns, no P/Ls generated by software (pretty ma & pa), they sent all utility bills, ect


I would point out that you’re looking for verification of the income, not the expenses.


As per income, count the sites occupied multiply by the monthly rate When doing DD you can than back track as to delinquency and non-payment to determine present income. At one of our last sale over 4 million there was no interest in looking at our tax return. Presently have another park under contract and would really only use tax-returns for getting a loan.


Do they have a bank deposit slip or perhaps copies of receipts that they give their tenants after they receive their payment? Or, they can always print out their monthly bank (deposit) statements and cross out any deposits with a black magic marker that aren’t related to the park business.


@stevendsegal they can’t print out the statements for at least a couple of months and just black out the portions that relate to their personal finances? That seems like a pretty mom & pop friendly option to me.


I agree with this. Also, you have to be a bit more gentle with “mom and pop”. There is sometimes a lack of financial sophistication involved.