Updated about 11 years ago on . Most recent reply
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Help! I am fairly new to the real estate investing business and I wanted to try wholesaling. I currently have my first property that I am ready to put under contract but I'm a little stumped. This property fits the 70% investor rule and 40% under market value after the ARV; however, I need help with my next steps. This is an email sent from the seller "Real Estate Agent"
Email: How about we split it down the middle of $61,750 and you pick up our closing costs? As a cash buyer, I'm assuming no inspections. We would like to settle prior to August 15. I will need proof of funds and when would you like to get the DE Agreement of Sale signed, as well as get a copy of the sellers disclosure?
I look forward to working with you on this transaction.
I think the proof of funds wording has me a little confused. I have done research last night but decided I should post this and see if anyone could help me with the answer or solution with this First wholesale deal.
List Price:$69,900. Thank you for your help and guidance.
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- Mercer Island, WA
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#3 Real Estate Deal Analysis & Advice Contributor
- Rental Property Investor
- Mercer Island, WA
It appears you've written your offer as cash. That implies you actually have cash in the bank to close. "Proof of funds" is a bank statement in the same name as was on the offer showing the money. If you don't actually have cash you shouldn't write your offer as cash.
Do you have a cash buyer lined up? August 15 will be hard for any conventional lender to meet.