Prof of funds question?

[Jason Patterson]

Is anyone having to show prof of funds for every offer u submit? How is your agent making you propose a bid? Are agent wants us to show prof of funds for every bid . It's this common ?

[Jon Holdman]

This is really simple. If you're writing your offers as "cash", you better actually be able to show you have the cash. If you don't have cash, don't write cash offers. Write them as financed and provide a pre-approval letter from your lender.

If you're a wholesaler and don't have either cash or a real pre-approval letter (i.e., one where a lender has actually approved you for a loan, not something you printed off the internet), don't make offers on listed properties. Get out there and do you own marketing and digging and find sellers. Agents know your offers aren't real offers. That is, you have no intention of buying the property. You're effectively just another agent. You want to play in that space then just get your license, find buyers and work inside the system to help your buyers find properties.