I made a goal last week to put in 2 offers by the end of the week which I was all set to do and in conversation with my realtor she said because they would be cash offers that I would need POF. I have my buyers in place and waiting to hear from me, I am planning on assigning the deals but I am stuck on this POF part. It's not that I haven't heard this term before but I don't have the money and I don't know how to get around this. Do I ask my buyers for it.
Thanks in advance,
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Doug Gregory
"it's only an island if you look at it from the water"
Chief Brody "JAWS"
Hey Doug,
I think that problem is, at least partially, caused by the fact that we call ourselves investors. Normally everybody sees an investor as a person who brings money to the deal. But that is not what we are doing, we bring the deal to the money.
Now if our agents see that, they shouldn't be asking for POF, unless the offer we ask them to make, will not result in a real deal.
Most of all, if the agent doesn't have the right mindset all we can do is moving on. Just look for the right agent and the POF problem goes away by itself!
Thomas
if you have a good relationship with your buyers, you can ask them to give you a copy of their statement where they have funds to purchase the deals you will bring to them.
or, if you have a friend or family member who has funds available, to act as your POF person, and when you get a deal, you can pay them a small fee
Valerie
“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss
"I believe in angels, the kind that heaven sends; I am surrounded by angels, but I call them friends" - Unknown
My journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/59110/...
Thanks everyone, I ended up getting a POF letter from Best Transaction Funding. I also am going to see if my buyers can assist like Valerie mentioned and her other options, good to know. Coastal says that you can only use theirs for REO's/shortsale double closings. Going to dig a little deeper into if I really require it if I am doing a assignment of contract.
Doug Gregory
"it's only an island if you look at it from the water"
Chief Brody "JAWS"