Proof of funds letter etc. If seller request infomation

[Barbara Garrett]

Good evening,

Being a wholesaler and new to the industry, has anyone every been asked by a seller to show proof of funds as a wholesaler and if so do you have any suggestion how to handle such request; especially when my goal is to lock in the contract with the intent to do an assignment of the contract.

Is it a good Idea to advise the seller I am a wholesaler, my concern is that I don't want to take the chance on loosing the chance to obtain a sellers contract. Is their a legal document I could use, by me having an legal company name as an LLC if I use a proof of letter being that I am an LLC would this be sufficient, until I locate a cash buyer so I won't loose the contract.

Thank you

[Wayne Brooks]

No, they don’t care if you are an LLC, they want to know you actually have the money to buy since you are signing contract to buy.