Proof of Funds letter from the Scott Yancey workshop

[Ronald Wallis]

Good day all,

My wife and I attended the Scott Yancey workshop this past weekend and no we did not pay the ridiculous amount of money for the mentoring. We attended the workshop for access to their "Proof of Funds" letter only to find out on Sunday that it was only for Wholesaling and you have to have a buyer prior to the deal getting funded.  

I have a few questions.

1. Is this a standard practice for lenders to require you to have a buyer already in place?

2. Is there an easier way to use hard money lenders? 

Thanks in advance. 

[Wayne Brooks]

Any knowledgable seller or agent will see it for the worthless piece of paper that it is.

And to be clear: A POF is proof(like a bank statement) that You The Buyer actually have the cash In Your Name somewhere. Anything Else is a loan preapproval, some legit, some worthless like the one mentioned above.