Proof of funds required?

Question

In my hometown of Las vegas, I constantly see ads on craigslist for wholesale deals. I would love to ask the agent that's been helping me out to see if they are really deals, but they don't provide the address. They require proof of funds in the email before releasing the address. I have looked online for "free instant POF letters", but they do not lend in Nevada.

Has anyone else gone through this? What is the solution?

Thank you for your time.

Has anyone else gone through this? What is the solution?

Thank you for your time.

Jay Hinrichs · Answer

@Robert Adams  yup probably that or the famous craigs list ghost adds.

this is really comical all these wholesalers who really have no clue that are trying to put these deals together.. man it really creates a very bad image of the industry I think. no professionalism at all.

but when you have BP   Interenet webinars and late night TV adds pounding into peoples head that they can get rich in RE with NONE of their own money this is what you get.

Raphaela Todd · Answer

Great Idea!!   I will definitely begin doing this!   Thanks Kim Ford

Kim Ford · Answer

I like to ask my buyers to provide the addresses of the last two or three houses they closed on.  Then I can verify it with the county records online.  That's how I check to make sure they are legit.

Frank Nolan · Answer

POF to get an address? That is ridiculous. Tell this person you want to see proof they have a deal under contract before you show them the money. Most of the time people trying to do it this way don't really have a contract in hand, they probably just know of a deal that someone else has and they are trying to daisy chain and insert themselves into the mix.

Robert Adams · Answer

In my opinion if the wholeseller already has their interest secured via a contract there shouldn't be a concern with sharing the address with or without POF or a preapproval letter.

Now when you are interested in proceeding with purchasing the property you would need to have POF for a cash deal or preapproval for a financing deal in order for the wholeseller to know that you are a qualified buyer and that they are not wasting their time with a buyer that can't actually close.

What you have described on CL sounds like a scam to me that is trying to fish for buyer's info.

Chris Grenier · Answer

I always ask for Proof of Funds if someone wants to view the property, for just the address i don't feel thats required.

However getting POF should be rather simple

Jeff B. · Answer

Not my cup of tea and that condition would drive me out of this kind if REI, which I disdain already.

Jeff B. · Answer

POF:  ANY statement from a financial institution which declares

• Name of the institution & its address
• Your name & account number
• the balance as of a specific date

As noted above, you just don't throw these about willie-nillie so use it sparsely and with GREAT care - - suggest FAXING as a preference to EMAIL if you elect to provide such information.

IMO and in general, a POF is offered in conjunction ONLY with an offer, NOT to simply get the address of a prospect.

CAVEAT EMPTOR!!

Justin Foley · Answer

I had always thought the two were synonymous. I guess that answers my question. Thank you sir

Proof of funds required?

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