When you are buying a property off of the MLS, and using private money, how do most of you show proof of funds? Most of the time I am asked for bank statements or something similar, is it the same when using private money? Thanks for your help!
Yeah I do the same.
@David Veikune who's bank statements do you show the seller, yours or your private lender?
The private lenders...they don't want to see mine lol
Your private lender should be able to give you a Letter of Intent to Fund as soon as they have discussed the transaction with you and verified the value of the asset and you and they have agreed to terms. Unless your private lender is so small that they don't mind sharing their bank account information with every realtor/seller you are ever going to work with, not many of us are going to give you our bank statements, and the fact that you have someone else's bank statements would not indicate to me as a seller that you have the capacity to perform to a cash offer contract you are asking me to sign as a seller. Why? Because the money in that account is not your money.
Hope this helps
Yes Thats correct.
We offer both a commitment letter and have a link to our proof of funds on our website.
Best of luck in all your endeavors
I agree with @Charlie Fitzgerald I don't get bank statements I get a proof of funds letter from their bank saying they have at least the minimum amount that it's going to take to purchase the property.