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Proof of funds letter when purchasing REO's from Banks

Posted on: Wed, 03/13/2013 - 19:35
Proof of funds letter when purchasing REO's from Banks

I have run into a glitch when trying to purchase REO's from banks, and I realize that I need a proof of funds letter. Can anyone help me in terms of how I can get a proof of funds letter.

Thanks,

Frances D.

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Posted on: Wed, 03/13/2013 - 19:49 #1
POF

Hi Frances,

There's quite a few sites like Coastal Funding or Insiders Cash. But be warned, trying to lock up a REO with no actual cash to purchase it is risky. The banks know about the POF letters and will not always accept them. If they do accept, they're going to need earnest money deposit quickly as a cashier’s check. So make sure you have all your ducks in a row!

If you're looking to wholesale, it's easiest with motivated FSBO's.

Good luck!

- Tom


Posted on: Wed, 03/13/2013 - 19:55 #2
POF Letter

HI Frances,

I am using Besttransactionfunding.com for my POF letter that I'm using right on submitting offers on REO properties with my agent. This site comes highly recommended from Carol Stinson herself.

Hope this helps.

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Reynold Orozco


Posted on: Thu, 03/14/2013 - 00:18 #3
POF

Hi Reynold,

I am in the first 5 days of "30 Days to Real Estate Cash" so I contacted an agent, and one of the first things she asked was if I had a POF, adding that it has to be in a bank account for at least 90 days. She must have been able to tell that I am new at this because I was not expecting that question and was not adequately prepared to answer it. Are you able to explain how I should handle this question when next it is asked?

Thanks.

Elloween

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RealtyCheck