Requested Proof of Funds to Consider Offer
I'm not a flipper, but because I'm aware of the property in my area (to an extent) I had what looked to be a pretty good flip deal fall into my lap - the BP flip calculator agreed. And yes, I know - garbage in, garbage out - so if I'm a total idiot, the numbers would be junk.
But I felt strongly enough that this was a $30k-$40k deal that I told my agent to put a cash offer in on it at asking price over the weekend. She got back to me today to let me know the seller is requiring proof of funds, which I don't have today. She also told me that there are several other groups going to look at the property today, so at least I wasn't a complete idiot in my interest.
I've been working on setting up a business line of credit, but I was waiting to do that until after a closing we have scheduled on the 26th so I don't futz that deal. But say I didn't have a line of credit, or that it's maxed out, and I stumbled across a screaming deal that's requiring a proof of funds letter - what can I do?
And should I just give up on this deal? I want to fight for it, but I don't think being in a complete scramble is a way to impress potential private lenders....