Private Lenders proof of funds for REO cash offers

[Dan Costantino]

I was under the impression that it was OK to use your private lender's proof of funds on cash offers.

A realtor today told me today I was incorrect.

This is a listed REO property.

Thanks!

[J Scott]

A cash transaction is one where you have the funds in YOUR bank account and can provide a proof of funds in YOUR name. If the funds are coming from somewhere else, it's a financed transaction, pure and simple.

The reason for this is that if the funds are yours, there's 100% chance the deal will close (if you want it to); if the funds are not yours, there's less than 100% chance the deal can close (your lender can die, go out of business, decide he hates your guts, lose his money at the blackjack table, etc).