Newbie Questions about Proof of Funds

[Richard Clark]

When a wholesaler puts a property under funds, do they have to have proof of funds? How can they if they don't know who from their buyer's list (if anyone) will purchase the property. (If I had the funds, I'd just buy the property myself.) Do REO/foreclosures require POF? If so, am I then precluded from putting these properties under contract while I offer it to my buyer's list? I appreciate everyone's help.

[Don Konipol]

@Richard Clark

To make what everyone's saying a little clearer, wholesalers tend to operate in areas where proof of funds is not a requirement, like dealing directly with a homeowner who's not being represented by either a real estate broker or attorney. These sellers either are not sophisticated enough to require proof of funds, or have properties difficult to sell conventionally and are willing to forgo POF in hopes of making a deal.