POF and EMD with Listed Property

[Account Closed]

Hi all,

I'm looking at a single family that price dropped 21% 9 days ago from 1.4 to 1.1m (Silicon Valley). It's been on the market since 7/9.

An agent told me about the property (not listing agent) and I met him there today. I told him that I'd like to offer 950k. He said that the seller wants all cash and I'll need to show proof of funds to sign anything. I want to wholesale the property.

I don't have proof of funds for this project. I mentioned to the agent that it's going to be hard to pay all cash and asked if I can use hard money. He said, "yes" if - I pay 3% EMD and can close in 21 days. I don't want to pay this amount for earnest money.

My questions to any seasoned investors are-

1) Is it reasonable to think I could negotiate my way out of paying the 3% EMD. Is there any other way I should go about handling this?

2) Should I try to get POF from a hard money lender even though I plan on assigning the contract. Is there another way I should be teaming up with a cash buyer to get proof of funds.

3) If you were trying to wholesale this what would you do?

Thank you,

Max