CASH OFFERS AND PROOF OF FUNDS LETTER

[Jonathan Lane]

Hello World, 

I have been doing research on  "cash" offers as an investor and the results I have came up with is a "cash" offer can be consider any funding that is or has the ability to be liquidated without contingency from a bank; i.e. hard money, private money or your own cash.  Is this correct? However, I was speaking with my real estate agent today and they mentioned that I could not offer a "cash" offer if the cash is: 1) Coming from a third party and 2) The cash offer has to come from my approved bank account. Is this correct?  That said, there has been some confusion set in and I am looking for clarity on: 1) how to go about a "cash" offer? 2) Define what a "cash" offer is? 

With all of that being said, does anyone have a legal soft proof of funds letter (pre-approval) that is editable and will work in all 50 states? If not, how can I go about obtaining something like that or can I even obtain a soft proof of funds letter? 

Connected to this email is a link of a soft approval letter- does this work? if not, what needs to be done for it to work? Or again, how can I can one that works in all 50 states that is approved by different brokers? 

I want to thank you for your time and your guidance on this topic 

Soft Proof of Funds Letter

Thanks, 

Jon Lane 

[Patricia Steiner]

Cash offers require a Proof of Funds Letter from the financial institution hold the funds and it must be signed by an officer.  Cash is limited to liquid assets that are seasoned (in an account 30 days or more) and available to you as an owner/beneficiary.  It would not include hard money financing or private sources of funds.  You cannot edit or provide your own proof of funds letter; when you do so, that's called fraud.  We had someone do that under the guise of bitcoin and the seller turned the guy into the FBI.  Not worth the drama...

I recommend that you call it what it is and provide pre-approval letters from your lending sources along with your financial institutions proof of funds letter(s) at the time of your offer.  It adds strength and let's the seller know you're ready to do business.  

All cash is always best - but ready to do business is as good. You don't have to fudge it.