Updated about 14 years ago on . Most recent reply
Proof of Funds from bank
hey everyone i've just put a reo property under contract ,and found a cash buyer same day to wholesale the deal my plan is to do a double close but the realtor needs a POF letter
And let's just say my i not on good terms with the banks. should i notify the realtor and tell them i'm wholesaling the property with a cash buyer or should i get a POF letter from the cash buyer.
Most Popular Reply
If you don't have the funds available in cash, you should be making offers that indicate that you will be getting financing.
If you will be wholesaling, you'll probably want a pre-qualification letter from a hard money lender or a transactional lender who has already agreed to provide funds if needed. You then provide the pre-qualification letter to the listing agent/seller, and that should suffice in terms of proof of funding.