Submitting offers

3 Replies

Ready to begin submitting offers on MLS properties that work with my numbers. I know I can find investors to fund my deals; However, I don't have a "proof of funds" it a must have? Advice?

@Jesse Hawkins

In order to bid on listed homes on the MLS you must have a POF letter along with earnest money to put down in the event you get the home under contract. Also know that in most cases you will not be able to assign the home as most Realtors/banks/normal sellers wont go for this method.

If for some reason you dont find a buyer for your locked up MLS home, if you back out you will lose your earnest money and start getting a bad reputation so you want to avoid this at all cost.

In your situation you might want to have cash buyers lined up and knowing their exact criteria first. Also the MLS will be highly saturated with a lot of competition.

Good luck

You will typically need to give an earnest money deposit, which you will lose if you are unable to close the deal. So just understand that risk.