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I recently submitted a cash offer to a agent for a MLS listed property and they accepted my offer and the agent asked for POF. I have recently upgraded to Jerrys Flipster Pro level membership and have submitted his soft POF letter to the agent. The agent asked me if this was a hard money loan, I said "Yes, I would be using hard money for the deal.
Moderator Replied almost 10 years ago. @Eric Hunter a "proof of funds" is a bank statement with the same name as is on the offer, showing enough money to close the purchase. If you can't produce that bank statement you should NOT be writing cash offers. There are free proof of funds letters you can find on the web.
Some sellers demand a proof of funds letter from prospective buyers. What is this — and what happens if you're an investor waiting on funding?
Step #2: Reach Out to People Who Can Help You Get a Proof of Funds Letter. Create a mind-map of everyone you know. Create circles for every social group you’re part of: neighbors, friends, family, co-workers, church/temple, sports, clubs, etc. Then in each circle, write down the names of people you know.
Proof of funds letter vs. pre-approval letter. A proof of funds letter details how much money you currently have. Often, it’s used to show that you can cover the down payment, closing costs, or any other inspection fees. A pre-approval letter describes the amount that a bank is willing to loan you to purchase the property. 3 ways to handle ...
Proof of Funds Letter. Isabella Rogers Poster. Wholesaler. New Orleans. Posted Jun 6 2021, 20:49. Does anyone have advice on obtaining proof of funds letters? I’ve seen advice about getting your cash buyer to provide one, but I’m trying to focus on on-market deals and will need one up front.