Wholesale Proof Of Funds

[Adonny Suero]

Hello I’m based in NYC. I have been studying wholesale for a few and I’d rest and the concept of it. I look at markets outside of New York however close to it. I have a notebook dedicated to cash buyers and distressed properties I’ve looked at and willing to attack. My first offer an agent asked for PROOF OF FUNDS. I’m not in the proper position and would like to know how can I obtain proof of funds from either lenders, private money investors etc.. also if you know any please contact me or comment. Proof of funds whether it’s hard or soft approval has been a huge challenge for me

[Joe S.]

If you are buying properties directly to off market sellers it isn't likely you will be asked for proof of funds. I have been buying properties for years and I have never been asked for proof of funds. I have proof of funds. If you get prequalified with a hard money lender they can offer proof of funds. If you're working with a bona fide buyer then they might be willing to provide proof of funds in exchange for your first couple of contracts. This way you would have your properties presold as well. A lot of start up newbies are targeting the MLS And many realtors know the signs of a contract Where the buyer does not appear to be anxious to close. There are tale tale signs such as a long time to close even after the title commitment has came back.