Third Party Verification

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by a searcher from Pomona College
in South Kingstown, RI, USA

1yr ago

Third Party Verification

Someone should start an independent verification service that, for a fee, confirms a searcher’s available funds. It would be a huge value-add for both brokers and serious searchers trying to differentiate themselves. No idea how it would work logistically—but if someone figures it out, I’ll sign up!

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reply by a professional 1yr ago
from Bentley College in Miami, FL, USA

Yup. Actually working on this.

reply by a professional 1yr ago
from University of Southern California in North Palm Beach, FL, USA

Ask brokers and lenders if they think your idea will convince them to accept a third-party “verification.” (The other side of searcher deal tables demand, directly from searchers, verifiable written proof of sufficient and readily accessible funds for things such as down payment and dealmaking costs, and they do it (upfront) if they’re smart.) Cons for Sellers/Brokers/Representatives/Lenders: • Initial Adoption Barrier: Convincing brokers, buyers, and sellers to adopt a new service may require significant education and marketing efforts. • Buyer Resistance: Some buyers may be hesitant to share their financial information with a third party, even with confidentiality assurances. • Potential Perceived Bias: Concerns that the service might inadvertently favor buyers who can afford the verification fee, or provider of the service is not trustworthy. • Limited Market Acceptance: The service may take time to gain widespread adoption and acceptance within the SMB acquisition market. • Cost Concerns: Buyers may be reluctant to pay for verification fees, especially if they perceive it as an additional unnecessary cost. • Competition: CPAs and lawyers already offer similar services, and convincing clients to switch could be challenging. • Regulatory Hurdles: Navigating financial regulations and compliance requirements can be complex and costly. • Data Privacy Issues: Handling sensitive financial data requires robust security measures to prevent breaches and maintain trust. • Market Saturation: If multiple verification services emerge, differentiating your service and capturing market share could become difficult. • Dependency on Partnerships: Reliance on financial institutions and CPA firms for data verification could pose risks if partnerships falter. • Dependence on Verification Accuracy: The credibility of the service rests on the accuracy and thoroughness of the fund verification process.