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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.
HELOCs can help you get the funding you need for your next deal, but is it a strategy you can always count on
Proof of funds letter. HELLO GUYS I'M NEW TO THE BP COMMUNITY AND I HAVE A QUESTION. I HAVE FLIPPED A LOT OF HOMES BEFORE THE MARKET CRASHED AND DURING THAT TIME I HAD IN PLACE A LINE OF CREDIT AND A PRIVATE MONEY LENDER TO HANDLE ALL OF MY FUNDING NEEDS. FAST FORWARD THE TIMELINE TO TODAY. I'M INTERESTED IN WHOLESALES AND FLIPPING PROPERTIES.
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The POF they expect to see are liquid funds, ie. bank statement, money market account, stock portfolio, etc - anything liquid and in the name of the purchaser. A POF from a transactional lender stating funds are apporved is not an all cash offer but would go to the financing department (at least the way I have seen it).