Updated almost 12 years ago on . Most recent reply
HUD Proof Of Funds
Working on my second HUD contract as both agent and buyer. Received a rejection that the proof of funds was in the name of my partner, not the company. We provided all articles of incorporation and an unanimous consent from board of directors stating that the company was authorized to purchase the property and procure funds for purchase from my partner. We used the same paperwork on the first HUD with no issue.
The listing broker had never heard of this before. Anyone else have any experience of how to deal with this, short of transfer funds which could not be completed before cut off.
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#1 Foreclosures Contributor
- Real Estate Professional
- West Palm Beach, FL
Well, POF technically is "cash in an account In The Name Of The Buyer" (Not in the name of an officer, HML, etc). In this case, the name of the company. In this case should it matter...probably not, but they see a lot of POF's in a HML name or some such, so maybe they're just being a little too technical.