Updated about 11 years ago on . Most recent reply
Assigning contracts/proof of funds
Hello All,
I'm not new to real estate by no means just new to the investing aspect. I am wondering why proof of funds are needed if you are assigning the contract to someone else. You're not actually getting finances, you're just flipping the contract. This confuses me. I have many great deals that I have access to and would like to contract them and assign them to investors. It's the proof of funds process that holds me back.
Does anyone have any insight on this, ways around needing POF or any resources or tips???
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#3 Real Estate Deal Analysis & Advice Contributor
- Rental Property Investor
- Mercer Island, WA
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#3 Real Estate Deal Analysis & Advice Contributor
- Rental Property Investor
- Mercer Island, WA
Why do you need a proof of funds? That's usually only needed when making all cash offers to knowledgeable sellers, such as banks selling REOs or other MLS listed properties. A proof of funds is a bank statement with the same names as on your offer. Otherwise you should be making financed offers, not cash.
REOs don't allow assignments.
What is the source of these great deals that require proof of funds?