OfflineHello everyone,
I need some clarification on POF. I know you can go through Coastal-Funding to get the POF. But if I'm making muitiples offers, do I have to request a POF with Coastal for each deal? Reason I'm asking this, is because Coastal ask for an address when you request a POF letter.
Thanks.
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Hey Derrick,
I have used them too, and yes, you need a separate letter for each property.
At least I do because they ask for address and loan amount. Hope this helps!
Dawn
Life's a Dance you learn as you go...GET HAPPY FEET!
"Most of the important things in the world have been accomplished by people who have kept on trying when there seemed no hope at all." ~Dale Carnegie
Thanks Dawn!
(1) What constitutes a funding letter (a proof of funding letter). (Are there any forms that can be downloaded from the internet or that can be gotten else where?)
(2) How does an REO work?
I've heard you need a "proof of funds" letter if you don't have the cash on hand.
Will the proof of funds be obligated to the purchase of the home. I would like to use the assignment strategy with REO's. Now I know that typically banks may not do assignments, but if you were able to do it, what would the steps be.
Hey Derrick, It might be worth a phone call to see if you can use a generic POF letter for all your deals. It is worth a call, don't you think. Just an idea...Jan
My bank gave me one addressed to "to whom it may concern". It only stated that I had a deposit relationship with them and had the funds to cover an offer for $_____.