Proof of Funds

Hi:
I have a transactional funder, send me a note with your contact info and I will guide you in that direction.

Thanks

You will find that the proof of funds will work fine. There are often restrictions placed on offers like this to scare of people that do not know what they are doing.

Place the offer anyway and attach the the proof of funds and you will find that no one will question.

Because it says you need it through a particular company as well such as for the pre-qualification this means nothing. Your proof of funds is much stronger and better.

Hi, I've been doing this for about a month and have been asked the "Proof of Funds" question. Is there a form that you are talking about that I can use? I haven't seen anything so far. Any help would be greatly appreciated.

You can get a FREE proof of funds letter from www.coastal-funding.com.
Transactional funding, a great way to go.

-Martin

Rachmas Capital at www.rachmascap.com. They are the best in the business. Don't know much about Coastal. Check out both and compare.

I was looking at a few houses and the realtor told me that I needed this. I had two great deals but was stumped at how to proceed. The realtor was also kind of weary about putting an "and/or" in the purchase agreement so that I could assign the property to someone else. She said that there is no way a bank would go for that. Needless to say, I dumped the realtor.

Hi:
Even though I have capital and a bank statement to back up my offers, I still use this because in any given week, I will have made offers on alot of properties, with the knowledge I may not get one.

I make offers to owners of properties I have never met and with all the con games that go on or the potential to, I don't want to give out sensitive information.

There has been alot of talk about private money. Go find people who have IRA's, go to investor club meetings, do this, do that.

Transactional funding is short term private money. This is a great way to set yourself up for potential long term money. While it is never guaranteed, it is possible.

I buy commercial properties and I use this type of program for all my deals.

Thanks for the info. I'm still trying to get my first deal. I'm just trying to find the best way to go about it without using any of my own money. I plan on going to an REI meeting in the next week or so. I'm kind of nervous due to the fact that I don't have a lot of capital and didn't know if they would look at me like I was crazy.

Hi All, I was just informed that my POF letter may not be accepted because the company location is not in my local area and the other problem I face is that in my state, attorneys in my area FROWN when the words "and/or assigns" is written within the contract agreement. I can not write these words in my contracts.

I am still trying to walk on water but keep hitting stones that bring me down.

It takes forever to receive a reply back from DG Post family for I'm feeling that my cry for insight and help is unacceptable if I am not part of the Acadamy.... so can someone share just what is the deal here. Thanks

Hi All, I was just informed that my POF letter may not be accepted because the company location is not in my local area and the other problem I face is that in my state, attorneys in my area FROWN when the words "and/or assigns" is written within the contract agreement. I can not write these words in my contracts.

I am still trying to walk on water but keep hitting stones that bring me down.

It takes forever to receive a reply back from DG Post family for I'm feeling that my cry for insight and help is unacceptable if I am not part of the Acadamy.... so can someone share just what is the deal here. Thanks

I am a new investor myself and speak only from what I have read, but you may either need to hunt around very liberally for an attorney who does not frown upon seeing those words (and since you enjoy doing research as noted on your profile, perhaps you can see this as doing the leg work to become the valuable resource in your area as to who investors in your area can work with!) or perhaps you can inquire to the DG Fam about double closings. I think I have heard this is one way around the difficulties with "and/or assigns," but I am sorry I cannot tell you much about it. There is a thread for ask Matt Larson a Question and you can try posting there along with other places. I have a hectic week ahead, but if you cannot find the info you need let me know and I'll look through my notes because I may have written something about double closings.

Also, never give up on the posts. Bookmark the original post and post again. Postings to forums are made more "noticeable" every time someone posts to that thread (on the home page the Active Forum Topics link on the right hand side will show the five threads with most recent posts).

Keep going!!!

Regardless of who calls it what, what you have is exactly what HUD wants with a bid on house that they are auctioning, like the ones I sell. Unfortunately, these houses don't provide as much mark up as many flippers want. It seems to me that a $3-5,000 profit is good, but often times people want more.

"Rick in Amarillo," Realtor

I know its been a few years since this post, but i wanted to just make sure.. A proof of funds really only works with a double close correct. I am going over some of these sites that people are posting and most of them quote the theory "A-b" -> "b-c" and most want the end buyers information..

I probably answered my own question..but just making sure im on the right page

I believe the and/or clause is best for FSBO..I have been told no upfront by about every bank and a few credit unions that they will not work that way. Navy Fed. told me if i was going to do that to just double close on a deal.

I use and/or but normally when i find homes owned by the owner that is not in foreclosure..never tried with a short sale though it seems it would go though the same channels as a foreclosure offer would.

I have found that often people usually aren't all that picky on POF letters except that they have the essential elements.

> Be on bank letterhead,
> Be signed by bank official,
> State that funding is available,
> How much funding is available, and
> Where the funds are coming from (financing and cash).

Banks aren't going to be as concerned with POF letters when it comes to REOs as HUD is going to be about buying one of their foreclosures; I don't think.

Finally, everyone should note that there is a difference between a POF letter, pre-approval letter and a pre-qualification letter. Everyone should know and understand the difference, or, better yet, use a realtor and/or an attorney.

If those of you who have used transactional funding would go into further detail, that would be helpful, including the details of the deal and funding. Please send me a PM when you address the issue.

Thanks!

Realtors cannot do some things that investors can do, including if they are the investor, themselves. They are strictly bound by legalities and usually have to use state promulgated contracts. Those state contracts cannot be ammended to say "and/or assigns". One would have to have their own contract, preferably one that is approved by a real estate attorney, and be ready to defend that contract in court and with their state's real estate commission, if they are a Realtor.

No, a POF letter is absolutely necessary adn required when purchasing a government owned foreclosure, too.

pm please with info or contact me that way, am looking for a bridge loan with good rates & terms. thank you & God bless