PoF for a PoF ? Please advise

[Greg P.]

Hi there. I've been making offers on REO's with POF's and most of all the Agents come back saying that they need a bank statement or proof that the POF provider has the funds to purchase the property. Anyone heard of this? Is there a way around this or no?

[Anson Young]

Originally posted by Greg Park:

Hi there. I've been making offers on REO's with POF's and most of all the Agents come back saying that they need a bank statement or proof that the POF provider has the funds to purchase the property. Anyone heard of this? Is there a way around this or no?

Not really, its bank/asset manager specific. We have some banks that want full bank statements, others barely look at a bank letter (or insert fake POF from the web here).
If they are asking for a bank statement, you will need to provide one that is 30 days old or lose the deal.