REO wholesaling proof of funding issue

Wholesaling
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REO wholesaling proof of funding issue

Yelena Damsky
Specialist · Enfield, CT (06082) · Member since 2018 · 9 posts · 3 votes

I am currently working on a REO wholesale, and got stuck when was asked to provide a proof of funds ( at least $ 45K) in addition to a deposit on a property $500. I have a feeling that there should be a way to bypass that just not sure how yet. Please advise asap.

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  • Wayne Brooks
    Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
    7y

    Nope, reos instituted this 10 years ago specifically to prevent what you are trying to do....tying up a property without the ability to buy. 

    You can get s prespotovsl from s Lender but it will be a financed transaction. 

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  • Yelena Damsky
    OP
    Specialist · Enfield, CT (06082) · Member since 2018 · 9 posts · 3 votes
    7y

    Do private lenders provide loan pre approval letters? 

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  • Yelena Damsky
    OP
    Specialist · Enfield, CT (06082) · Member since 2018 · 9 posts · 3 votes
    7y

    Thank you so much.

    0Reply
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