OfflineI won an auction and put in a 'cash' bid because I'm using part relational private money, and part hard money to fund it. I need to submit a proof of funds. Some POF funds banks won't accept. This is a Fannie and I don't know which POF letters they'll accept.
Does anyone use a POF letter with a transactional funder even though you're really getting a PML and/or a HML? If you do, which company has been successful with a Fannie Mae? (Coastal Funding isn't acceptable to some banks I have found from experience).
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I'm glad you brought this up, as I have been attending the auctions and had thought about Coastal funding.
But I did get some questions answered from Fannie Mae in Chicago. I have called them twice with other questions, and they were very nice to speak with and giving me advice. I was upset with the Realtor who was not giving me up front info before pressuring me for a bid, so I called Fannie Mae and she cleared up some things for me.
I would be willing to call them again tomorrow and ask them about funding, and may just do that for my own info.
But anxious to see the answers on here, as I really love going to these auctions. Although their fees are a bit steep. I enjoy meeting investors and learning little tips from them. Very interesting!
Also, I am going to PM you with a question about a property in Wisconsin.
So when you have time, let me know.
Thanks
Sandi
I used Coastal POF for the HUD action home we won the bid on no problem.
Steve
Steve and Veronica
Steve and Veronica's Journal.
http://www.deangraziosi.com/real-estate-forums/investing-journals/58073/...
http://www.deangraziosi.com/real-estate-forums/totally-fulfilled/72344/d...
That is great to hear. Now, my POF needs to be for $200K. Do you think that would have any bearing?
on the bank or Coastal. You know my deal was only 15k so that maybe why I did not have an issue.
Steve
Steve and Veronica
Steve and Veronica's Journal.
http://www.deangraziosi.com/real-estate-forums/investing-journals/58073/...
http://www.deangraziosi.com/real-estate-forums/totally-fulfilled/72344/d...
many of them have been rejected by banks out here in CA. I have tried a couple different companies that the bank would not accept the letter as a POF. So, I want to find one that won't be rejected by the auction company as I don't want them to start to get suspicious or asking questions. I have 10k on the line here I'm going to lose if I don't get the 'right' one to them.
So, JUST making sure beforehand. Better safe than out 10K
It's a game changer again. Our experience has been that the banks are no longer accepting transactional funding letters as POF. Instead, banks are require a copy of a statement showing the $ amount in a bank account. How do you get around this? Find someone who has cash in their account and would be willing to write you a POF letter AND provide the bank account statement. You can tell them that it obligates them to nothing. It is just helping you out in getting your offers looked at and accepted. The banks that are require this BofA, WF, Fannie and Freddie, etc. Mostly the big banks.