REO Proof of Funds, All Cash Offer, Using Hard Money
Hi all, I have a question about Proof of Funds acceptable to banks in REO all cash offers. I've always used a bank statement figuring that is the only POF banks will accept on cash offers.
But, I have a friend who recently made a cash offer, intending to use hard money and asked me what proof of funds to use. He didn't know that the bank may want to see a bank statement as POF, which he didn't have. So, rather than back out of the offer, I told him to at least try using a proof of funds letter from an online double close funding co just to see what would happen because you can get a POF letter emailed to you instantly. He did and they accepted his offer. I was very surprised by that.
My questions is:
Was the case of my friend the exception to the rule? Are you finding that banks will only accept bank statements as POF in cash offers? Or do you ever see them accept other POF for cash offers? If so, what kind?