OfflineSo I've talked to this realtor today and explained to him what i want done with the 25/1 strategy and he was all for it. However, he is suggesting that I have proof of funds to show the sellers or my offers would be dead from the beginning. So basically he is telling me that he won't submit a offer unless he has proof of funds with ever last one of them. Has anyone else came across this problem? Is this usually how it is or do i need to continue to search for the right realtor who understands and don't care about proof of funds.I mean i don't know to many buyers who would put up proof of funds if they don't know if they are getting the property are not. Any advice would be greatly appreciated!
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Hi Brandon,
From what I understand, you do not have to submit proof of funds with an offer until it is accepted, although I've been told that your offer will be taken seriously with that over one that is submitted without it. For instance, if you submit an offer on a property for $100k with proof of funds, and someone else submits an offer on same property for $105k with no proof of funds, the seller might accept your offer first since you already provided proof of funds. Make sense?
Amy
Hi Brandon:
Another tactic used is to say that "for negotiating purposes, you do not give blanket Proof of Funds letters out but will give an address specific POF when an offer is accepted". You also relay that you will be putting up a non refundable EM deposit.(The EM gets paid by the end of your due diligence period.) You can then use any of the funding sources mentioned here on the site (i.e. Coastal Funding) or can get a POF from your buyers list. EM funds will also come from your buyer.
Hope this helps...
Andy Sager
DG's AndyS
CFIC member
Andy Sager
DG's AndyS
CFIC & IE member
2013, 2014, 2015 & 2016 EDGE Alumni
I really appreciate your advice so much! its makes a lot of sense. Im going to take this a move forward. Amy you make a lot of sense, Thomas i think you hit it right on the head because i was thinking that in a way. Andy I'm going to have to use the negotiating tactic. I appreciate it!!!! Thank you all!!