Using hard money. Seller wants POF. What do I do???

Using hard money. Seller wants POF. What do I do???

Member since 2020 · 2 posts · 0 votes

I have never had this happen before.  We are using hard money to purchase a home and the seller asked me to send them Proof of funds from the Hard Money Lender.  

Has anyone else ever had this happen before?  What do we do it looks like our offer is going to be accepted and we don't just want to walk away.

The contract is NOT conditional on appraisal nor financing and we want to close in 14 days. 

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Specialist · Riverside, CA · Member since 2015 · 6k+ posts · 3k+ votes
6y

Usually a letter of intent from the HML is enough, if not you could ask the HML to get in touch with them/ their agent.

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  • Investor · Clairemont, CA · Member since 2011 · 3k+ posts · 2k+ votes
    6y

    So send in your HM pre-approval, or explain you don't have one. Making an offer that isn't contingent on financing doesn't mean you can't obtain financing, just that it is your own risk to do so. Use that as a point for the value of your offer...you're literally so confident you will close that you are 100% risking your EMD. If you back out for ANY reason they keep your money no matter what. That to me says your confident in your offer.

  • Specialist · Riverside, CA · Member since 2015 · 6k+ posts · 3k+ votes
    6y

    Usually a letter of intent from the HML is enough, if not you could ask the HML to get in touch with them/ their agent.

  • Ryan BlakePro Member
    Lender · TX · Member since 2018 · 936 posts · 713 votes
    6y

    @Dallin Wood Your HML should provide you with a letter of intent that is commonly used as a POF for offers like that. @Aaron K. was spot on with his explanation.

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