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Updated over 12 years ago on . Most recent reply

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Peter Pil
  • Wheaton, IL
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POF question: own bank statement vs. trans funding

Peter Pil
  • Wheaton, IL
Posted

Hello,
I plan to send an REO offer with my own bank statement as my Proof of Fund yet if the offer is accepted and happened to be under contract, I prefer using Trans Funding meaning the real money will be from different sources at the closing table. Please advise.

Thanks.

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29
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Hunter Kenihan
  • Real Estate Investor
  • Santa Monica, CA
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Hunter Kenihan
  • Real Estate Investor
  • Santa Monica, CA
Replied

You could write in your offer something to the effect of "This is a cash offer but Buyer reserves the right to use transactional funding and buyer agrees to pay $x per diem for buyer delays only beyond the agreed upon close of escrow date"

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