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Real Estate Investing => Bird Dogs, Wholesaling => Topic started by: propace102 on September 25, 2008, 03:13:30 pm

Title: Proof of Funds Letter for REO wholesale (pof)
Post by: propace102 on September 25, 2008, 03:13:30 pm
whats the best way to get one?
Title: Re: Proof of Funds Letter for REO wholesale (pof)
Post by: hassansr on September 26, 2008, 02:28:08 pm
call a loan officer and get pre-qualified up to a certain amount. Doing so does not obligate you to buy anything. Check your yellow pages for mortgages
Title: Re: Proof of Funds Letter for REO wholesale (pof)
Post by: bradyc on September 28, 2008, 11:05:46 pm
The BEST way to get one is have the cash in an account all ready and just have your personal banker write a generic letter saying you have the funds in the account for X property. DO NOT have them put in the specific ammount of money you have, the seller can leverage that against you.
Title: Re: Proof of Funds Letter for REO wholesale (pof)
Post by: ericmedem on October 06, 2008, 03:14:53 pm
I cannot say it's the most honest way but it works if you have a relative with a large bank account.  Simply print out a statement and cross the name and numbers out.  The banks will just think that you have wanted your account info hidden.  I have done this many times for myself and others.
Title: Re: Proof of Funds Letter for REO wholesale (pof)
Post by: Mdhaas on October 06, 2008, 05:51:44 pm
Quote
I cannot say it's the most honest way but it works....

I think that they have a name for what you are suggesting..........FRAUD.   :shocked
Title: Re: Proof of Funds Letter for REO wholesale (pof)
Post by: raquel on October 09, 2008, 07:59:45 pm
Request a POF letter from Coastal Funding at www.coastal-funding.com

Good luck!
Title: Re: Proof of Funds Letter for REO wholesale (pof)
Post by: hassansr on January 01, 2009, 12:41:05 pm
Quote
I cannot say it's the most honest way but it works....

I think that they have a name for what you are suggesting..........FRAUD.   :shocked

and when the banks with hold or mislead us with terms that are all in their favor what do you call it; the way business is done?

Title: Re: Proof of Funds Letter for REO wholesale (pof)
Post by: Mdhaas on January 01, 2009, 01:10:59 pm
Quote
and when the banks with hold or mislead us with terms that are all in their favor what do you call it; the way business is done?

So...........that makes it o.k?   :rolleyes

Title: Re: Proof of Funds Letter for REO wholesale (pof)
Post by: 50% homes on January 01, 2009, 10:42:40 pm
Quote
I cannot say it's the most honest way but it works....

I think that they have a name for what you are suggesting..........FRAUD.   :shocked
I wouldn't consider it fraud if you actually close and pay them. 

Now, if you use it to secure financing, then it would be fraud.  There is no financing here to where you could deceive the bank.

Edit: technically it is a small form of fraud, but the most it would merit is a slap of the hand by your local authorities.  :biggrin
Title: Re: Proof of Funds Letter for REO wholesale (pof)
Post by: Mdhaas on January 02, 2009, 07:39:00 am
So it is o.k. to commit fraud.....as long as you don't get caught?



Title: Re: Proof of Funds Letter for REO wholesale (pof)
Post by: hassansr on January 02, 2009, 07:04:58 pm
So it is o.k. to commit fraud.....as long as you don't get caught?


The point of getting a pof is to get the bank to negotiate with ya to get a deal that makes sense. There isn't any fraud involved what so ever. Its more like poker.
Title: Re: Proof of Funds Letter for REO wholesale (pof)
Post by: THR2008 on January 03, 2009, 07:32:29 pm
hassanr is right there is no fraud involved with blacking out names its the same as having a company provide you the same. Banks just want to make sure you can close and that you don't tie up a house for a month and bail. Another way around this is to make nice with a realtor who does reo's remember they hold the key to who gets the house not the bank.
Title: Re: Proof of Funds Letter for REO wholesale (pof)
Post by: Mdhaas on January 03, 2009, 08:51:50 pm
Quote
hassanr is right there is no fraud involved with blacking out names its the same as having a company provide you the same.

Soooo.......why waste your time getting the POF from a lender or investor.  Why not just type one up on your computer in MS Word or similar program and use that?

Saves having to "black things out".     

Oh, I know...that would not be legitimate.   :doh
Title: Re: Proof of Funds Letter for REO wholesale (pof)
Post by: hassansr on January 04, 2009, 09:14:49 am
ok Mark, you win
Title: Re: Proof of Funds Letter for REO wholesale (pof)
Post by: VentureInvestments on January 06, 2009, 06:55:50 pm
Another way around this is to make nice with a realtor who does reo's remember they hold the key to who gets the house not the bank

How is the Realtor in charge of who gets the REO? I was under the impression that the bank has the final say if they were to accept any type of offer whether it be a low ball or what they wanted in the first place. Does the Realtor have a right to reject offers before they present them to the bank who owns the property?