Market Analysis (Wholesaling)

2 Replies

Good afternoon. I hope that this isn't a "stupid" question, but I'm going to ask it any. I'm in a situation where I have a potential wholesale deal at a great price, but the middle person is a real estate agent. She is requesting a POF, and I have a lender that sent me his information, including financial statements and she verified his company and financials. Now she is saying that because there wasn't a "bank letterhead" attached, it doesn't qualify as POF. Is a bank letterhead by law required even if you have provided legitimate access to funding for a deal?

I don't think a bank letterhead is necessarily required... but I would imagine this lender would submit a proof of funds that appears to credibly represent their available cash. Like a bank statement if its a private lender? Or perhaps a document from a lender with some accreditation showing some certification? 

I don't think there is any clear law dictating what they can or cannot accept if their request was written in purchase agreement. If the request was written vaguely in the purchase agreement I would say that might require a bit of legal mediation. I think your easiest solution here is to find a way to satisfy their request. If your lender has the funds, then it should be pretty easy to prove in a manner that they accept.

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