BiggerPockets

Proof of funds would typically be a bank statement in your name showing the amount in question or a pre-approval letter from a lender stating you were approved for the amount.

Hey, my compnay directly provides POFs

please contact me about this

thanks

Let's get the details first so we can better answer the original question.

What is the POF for (in the amount of $50k)? For an REO purchase, a short sale, or what?

It makes a huge difference as an REO offer will require that the funds be in the name of an account which appears as the buyer, whereas a short sale offer can get away with a POF letter from a funder (such as myself).

When I make offers on REO properties in the name of my entity, the signature is of course in my name as is the POF. The POF is my bank statements, both business and personal, as well as other liquid accounts such as my IRA, family trust, stock acount, etc, all of which are in my own name. I could not offer those to you to make offers on REO properties in your own name or your own entity's name.
For shaort sales, I can produce a POF letter which stipulates you are approved fro X amount of funding, etc etc. which will almost always fly for that type of transaction.

POF is basically a credibility enhancing tool, the funds will be wired into the account of your choosing for a period of time usually 30 day min. They can be verified through your bank statement or other means

for POF transactions my company can complete them in less than 24 hours

If you would like to know more about this type of transaction please don't hesitate to contact me

thanks

fees depend on how much you need, for what length of time, and what they will be used for....

the funds again cannot be leveraged or encumbered upon in any way, they are blocked & ounce the period of time is up they are wired back to us

if anyone has any further questions please contact me directly

thanks

depends again really on for how long, what they are being used for etc

a standard rate of 5 % per a 30 day period

hope this helps

thanks,

Wow, I need to get into the POF business if I can get 5 points for 30 days where my funds are only sitting in some other account strictly for POF purposes and are locked and can not be accessed or used to buy anything!

I only get 10 points for 32 days when my funds are actually used to PURCHASE property. Let me get into this and get a total of 15 points!

Bring me your POF requests! :)

The best way to and the most legal and legit way to get a POF letter is to actually have the money yourself? Here are the steps to having this:

1. Save your money
2. Get a money partner

Why dont you just make your own POF letter using Microsoft Word, then you dont need to pay someone for a letter.

If YOU dont have the money then you might want to think about buying a house another way.

I have a source that also does POF. The cost is 4% and it does lower if the size is higher. If interested, please email me.

[EMAIL REMOVED]

A waste of money if you ask me. If the POF is given, but the funds can not be used for the acquisition, what good is it? And you charge the investor for the POF?
Seems like highway robbery to me.

Any investor buying funds (POF) just to get offers accepted, are most likely going to run into a problem of the EMD as well as closing on the deal.

If you want to be an investor, get yoru own real money or a partner or private investor to fund your deal. Showing a phony POF (and that is all it is) is just a scam in my book.