OfflineMy agent has just emailed me about some offers I was having her send out and she said "The sellers are requiring proof of funds and earnest money of at least $1,000 before an offer is made - if you can scan it that would be good."
I know I can get a POF letter for each property through an online transactional funding company but my question is this:
Since I don't have $1000.00 to use as earnest money, and all she needs is for me to scan a check, can I just write the check, scan it and send it to her without the funds to back it up as long as I get the funds into the account if an offer is accepted?
Will she, the sellers or a bank (if it's an REO) actually verify the funds when I email the scanned check and if so, are there any legal problems doing this without the funds?
I know that if I get an offer accepted, I can come up with the money to cover the check, even if I have to borrow it from my boss. I just need to know if I can do this or should do this.
Any advice would be great.
Thanks,
Rick
Rick Merritt
Trident Realty, LLC
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Can anyone advise me on the post above before I do something that might be really stupid or not do something that could cost me time and money for inaction?
Thanks again in advance.
Rick Merritt
Trident Realty, LLC
Weak is he who permits his thoughts to control his actions; Strong is he who forces his actions to control his thoughts. --Og Mandino
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Rick, once the offer has been accepted and the contract signed by both parties there is a specific time frame when the funds have to be deposited. Remember that she has a copy of the check, you have the original which you write on the contract that the original check will be mailed within twenty-four hours of offer being accepted and contract signed. I would check with your state but the several states that I have done this they never deposited or did anything with the copy. As long as you stand behind your word and supply the original check quickly when the offer is accepted and the contract is signed then go make as many offers as you can!!
No need to fear but itself!!
Joseph
the check will not be needed until escrow is opened; just make sure that by then you have EM from you buyer to cover your check... or you can borrow the funds from a friend/family, and offer a profit when you close your deal!
Valerie
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I appreciate the advice. I went ahead and scanned the check and emailed it with the POF letters. Lets just hope one gets accepted and I can get a deal done finally!
Rick Merritt
Trident Realty, LLC
Weak is he who permits his thoughts to control his actions; Strong is he who forces his actions to control his thoughts. --Og Mandino
Get your very own 1-800# at a great rate. Just click here:
http://www.itelecenter.com/COAPhoneSolution?referredby=8662684543
Check it out. Now you can set up your own 24 hour messaging system!