Waterbury, CT · Member since 2020 · 3 posts · 1 vote
I’m about to get my first property under contract and I’m still a newbie for the most part. The agent is asking for proof of funds, which I can obtain but does a soft proof of funds effect the assignment clause part of the contract ?
I think what you're asking is, if you show proof of funds in one name (presumably your name), will that limit your ability to assign the contract to another buyer of a different name (for example, you are wholesaling or do you intend to acquire as an LLC)? Is that it?
It's all going to depend on what's written in the contract, but as a general approach I would think not. I'm guessing the agent is looking for proof of funds just to be sure you're not toying with him. I haven't heard of an agent looking for proof of funds before (lender, yes; title company, yes).
If your purchase agreement allows you to assign, then that should not be effected by proof of funds. I might worry, however, that if the seller thought you were trying to pull something over on them (I'm sure you're not - but it's not clear from your question what it is you're trying to do), then the seller could become uncooperative.