Letter of Intent & Proof of Funds
Does anyone have an example of the LOI and POF?
Does the POF have the exact amount the Investor is willing to pay for?
Our position is: My partner and I have looked at the #'s the #'s add up to around the asking price. However, due to the area, we would consider asking for less. It is a large 300+ property with no cash flow
The property is currently in a revitalization area but we don't know the extent of the plans for that particular area. Also, the property is near a cemetery (just wanted to throw that in as an FYI).
Any examples or advice would be greatly appreciated.
Most Popular Reply
Alisha, you can obtain a POF from your personal banker at the bank where the funds are held. If you don't want it to list the exact amount, then bring the offer for the banker to reference in the POF. Then, they can state that you have enough funds available in account(s) held at XYZ Bank to cover the offer dated XX/XX/2017 for the property located at 123 Easy Street. Make sure it is on your banker's letterhead. This should suffice for a POF. BTW, if you don't have a personal banker at the place where you bank, GET ONE. They don't cost you anything, and they can be very helpful in facilitating all kinds of things from notarizing documents, setting up loans, and providing POF letters when needed.