When wholesaling another option to proof of funds?

Question

Question: if you are looking at doing a wholesale deal with a property that is represented by an agent, Is there any any way around a proof of funds since you are not the final buyer? Or another option?

Daniel Paloscio · Answer

You can find free proof of funds/loan approval letters online if you google "Proof of Funds DoubleClose"

Dustin P. · Answer

I would get with a hard money lender

I do think though that you should have funds available to close even if your main goal is to assign the property

Eliott Elias · Answer

Get a hard money lender to get you a POF

Eliott Elias · Answer

Get one from a hard money lender

Tom S. · Answer

@Christopher Bawiec  You're best best is just your own POF, it doesn't mean you have to close with those funds.  For example, a retirement account in your name.  Otherwise a HML letter or the POF from an end buyer are prob next best.

The generic ones off the internet are generally worthless, as any decent real estate agent will recognize them and disregard your offer.

Sean K. · Answer

@Christopher Bawiec

Hi Christopher, I haven't done a deal myself, but from everything I know... you would find a cash buyer first, after you've worked the numbers, and assign the property over to him/her, and collect your fee... let the cash/end buyer deal with providing that proof to the seller/agent

Kevin Sobilo · Answer

@Christopher Bawiec, if they are asking for proof of funds, what makes you think they want you to wholesale it? If you explained you are a wholesaler, I don't see why they would even ask for proof of funds if they were interested.

When wholesaling another option to proof of funds?

Most Popular Reply