Proof of Funds

[Alanya Boyer]

Do you always use a proof of funds letter? How important are they to your wholesaling business since you can pretty much buy them online?

[Martin Scherer]

I rarely sell as I am a buy and hold. When I do sell I always ask for proof of funds. I don't care if the buyer assigns that's fine with me but there are too many inexperienced people claiming all cash who cannot and will not actually close the deal due to their inexperience or plain fear. I hate their wasting my time where a "real" buyer likely won't.

So I always ask someone presenting an "all cash" offer to me bring a proof of funds from a local bank sufficient to close the sale.