P.O.F (proof of funds)
Hello everyone i don't understand much about this P.O.F all I know is it has been requested from me and it is slowing me in some wholesale deals please help.
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Proof of funds is simply just a printout of your bank statement showing you have the funds in an account in your name necessary to close a cash deal. It's going to be requested any time you make a cash offer on a listed property so the listing agent doesn't tie up a property with a buyer who doesn't have the ability to actually close.
If you're trying to wholesale the property, you should focus on off-market properties and fully explain to the sellers what you intend to do. You're less likely to be asked for proof of funds in those transactions since you're not the end buyer. Even then, the sellers are likely going to want to know that you have the ability to actually close though. So you should be up front with them about what your intentions are and have solid end buyers lined up that can actually close on the deal if you're not going to.