Address for proof of funds letter

Use the address of the property that you want to get funding for. Hope that helps!

Perhaps, you are just wanting to see how it works, you can then use an address of one of the properties that the RE agent gave you. Tammy

POF letters are address specific (for EACH address)

you can get one within minutes so don't sweat it

I know several realtors here in CA that want to see proof of funds before they even deal with you. They are wise to the transactional funding POF letters.

regarding what TRSD posted? Confused? Thanks, Tammy

You beat me to the question!

Karen

I ran into this same problem when I used BestTrasactionfunding.com, so I called besttransactionfunding 1-800 number and asked them what do they suggest I put in the address field on thier POF, they lady I spkoe with told me I can put "To be determine". So I did it and it work when I gave it to one of my agents. Then I was on a live Chat with Carol Stinson On the IE site like 2 weeks ago and she recommended for us to put " REAL ESTATE AQUISITION" in the address field when filling out for the POF on besttransactonfunding.com. So I did it with a new agent I just got about a week ago and this stategy worked as well. So you can use whichever one you want to use but I would go with what Carol recomended to put. Hey they both worked for me, so give it a shot.
Hope this helps you out

Good Luck

Reynold thank you so much. I will try this.

VOD = Verification Of Deposit

ETF is Extended Transactional Funding - up to 40 days!!

see it ALL here and call Joanne
http://besttransactionfunding.com/index.php?ref=reinvestor42

Thank you Mike. I sent off my POF letter to my RE Agent and she accepted it. We are working on a case by case basis and if we need more documentation then I will get a VOD. Once again thank you

And I also realized why Tiffany may need a POF without having an actual address, so that the realtor is comfortable working with her! Always learning something new!

I understand that with Short Sales, POF needs to be submitted with your offer to the bank. Does TF with Short Sales & REO offers (Banks)? And, if so, I guess the POF amount should be more than the offer price?

Use offer amount for POF amount, if not the offer may NOT b accepted.

Reason is the banks see you have MORE, so they will want More.

Mike, thx for ur info i have been using a generic pof that says in the address field "Any property in San Diego County" & an amount to 600k so making offers below that amount, i did have 1 offer accepted like that, isnt that the same as submiiting ur bank statements though which w/show your funds if yoiu had say 600k in the bank-so that w/would be the same? No?

I've been using insiders cash POF letters with no problem. Even HUD accepted it. These agents that want to see bank statements and personal POF letters can go fly a kite in my opinion.

for Insiders Cash, however, if I am not mistaken. For many this will not be a problem, but for those without then maybe besttransactionalfunding is best.

I would use Short Sale Funding you don't need an LLC.

DM

BEST will give you a POF letter in your personal name but will NOT do the TF without an LLC.

Just so you are all aware of that!

Karen

I found out from my REI Club leader that some agents here in Las Vegas are asking for it to use when submitting your offer to banks for REO/shortsales and others because they don't trust that you have access funds to close. But when an agent tells me that they need it to present with your offer to the seller, I know it's a bunch of crap and I will not work with that agent. Most sellers are not going to request a POF, when they don't know they exist. I do have another agent that doesn't want it but she said that if we place an offer with a bank and they want to see it, she will let me know if we need it. I'm placing my first offer on 3 now and I will see what happens next. Again thank you to everyone who who posted. Your help is greatly appreciated. You guys rock!!!

I have used them without an llc or inc for the transactional funding. And pof letters.

DM

We find it is the same with our agent. The banks will request it!

Insiders Cash requires LLC for POF?? or for TF?

Good thread, thanks everyone for providing valuable info...

Also, if you have a PML you can use their bank acct summary printout as your POF

Hi All,

What is Insider's Cash?

I am new to this site. A friend told me that as student of Dean Graziosi, I could access hard money funding for fix and flip deals - is this true? He didn't have specific information, so I appreciate any insight.

Thanks,
Kimberly

Hi everybody, I think this is the right place to post. I found this agent with a distress property, the owner of this house is having a health issue and need to get rid of the house. It's around $450,000, 4bd, 2bth, and is in the city of Sunland or north Hollywood area. It's not listed yet and not on the MLS also. The agent will not tell me the exact address as he was told not to by the owner, until I can proof(bank statement, etc.) or show him that I have enough amount of money in the bank to buy the house. Then he will let me see the house. Please tell me what you think? Does that mean he needs the POF letter, or an EM. But I don't know the address or the detail about the house. How would I get the POF letter? Don't they ask for all that when you fill out the form? please help, correct me if I am wrong.

Thank you
Ann