Proof of Funds for wholesalers
Hey everyone. I have a question. As a wholesaler(newbie) I’m getting asked for proof of funds that I don’t have. Does anyone else run into this issue? Or suggestions on what to do?
@Kaylin Williams
When you approached the HomeOwner, how were you intending to purchase the home ?
@Brian Van Pelt approaching the seller, they are aware that I’m interested property, but not that I’m a wholesaler. I’m not sure if people hate wholesalers where you reside but they hate us over here. I get suggestions to let them know I’m wholesaling, but that usually doesn’t go far because lack of knowledge on their end...
@Kaylin Williams
... and that is the issue. Your intent is to wholesale the property. Sellers are looking to sell their property. When you enter into a contract with the purpose of buying the property , you have your financing in place which includes proof of funds. By entering into a contract with the intent to consign the contract to a buyer, that's practicing real estate without a licence. Contracting without intending to purchase is also fraud.
any business its about your reputation , you build it one transaction at a time. I think you misunderstand what wholesaling is and is not in relationship to what is legal and what is illegal.