Updated about 6 years ago on . Most recent reply
Proof of Funds(POF) without applying for a loan or credit check
Hello: We need a funding company who can supply a real' POF letter for a range and/or an exact amount for a deal with RE agent that will ultimately get funded & assigned to another funder, any suggestions? Is it possible to obtain same without a check on personal credit and/or taking out a loan? Will any lenders/funders do BOTH a POF and be the ultimate assigned party/Funder? Please let us know. Thanks! J Allen, TN
Most Popular Reply
A preapproval letter comes from a mortgage lender, proof of funds comes from the bank where you have the total cash needed to complete the purchase deposited. These are the accepted definitions of these terms.
If you're going to deviate and present false information, tbh you may as well open Microsoft Word and go all the way, skipping any middle persons in the process...
In any case, you mentioned a real estate agent, which means it's an MLS property, which means the standards and norms apply. The Realtor, if they are any good at all, will not be working with a 'buyer' that can't actually close. Ignorance on the part of homeowners is why "wholesalers" go after unrepresented homeowners/sellers.