OfflineI have a list of REOs I'm making offers on tomorrow. The realtor wants approval letters or POF letter for all of them. I'm worried because I read in recent posts that some banks are not accepting POF letters from companies like Coastal anymore. If that's the case, how should I proceed? I won't get far without proof of funds.
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Contact a local banker that you know, attorney, or CPA. They can prepare a POF letter for you based on your financial situation. You may not have all the cash for all your offers, but you can start one offer at a time. Another option could be a partner with financial resources. The letter can be based on the partner and will allow you with a foot in the door for future deals. Good luck on your deals. Believe and Achieve!
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you get the bank (whatever financial institution you bank with) to write a letter stating how much funds are available in your account if your doing a cash offer, if I understand you correctly, right; to submit to bank your offering bid on? How many days would this letter be good for?
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