We apologize, but the forums are closed for new posts. Click Here To Join The Unemployables Facebook Group

Welcome, Guest. Please login or register.
December 02, 2022, 10:35:45 am
Home Help Search Calendar Login Register

Welcome, Guest. Please login or register.
December 02, 2022, 10:35:45 am
Home Help Search Calendar Login Register

Author Topic: Proof Of Funds  (Read 4453 times)

Offline Mr.Proof.Of.Funds

  • Member
  • *
  • Posts: 6
Proof Of Funds
« on: August 21, 2008, 11:13:43 am »
For those who have been asking about Proof of Funds or Escrow Deposits, please let me know how i can help.
I have done it all and could answer any of your questions.
Thank you.

Offline ma17to

  • Member
  • *
  • Posts: 2
Re: Proof Of Funds
« Reply #1 on: August 21, 2008, 01:16:26 pm »
I'm interested in purchasing REO's but the banks want proof of funds with the offer.  How do we go about doing this?  I want to use hard $$ but they all seem to want the property under contract.

Offline Mr.Proof.Of.Funds

  • Member
  • *
  • Posts: 6
Re: Proof Of Funds
« Reply #2 on: August 21, 2008, 02:34:09 pm »
How much cash are you looking to spend on REO's?

My company owns few tapes and able to access other ones nationwide.

Please advise.

TJ

Offline ma17to

  • Member
  • *
  • Posts: 2
Re: Proof Of Funds
« Reply #3 on: August 21, 2008, 02:54:55 pm »
We're looking at $200K-$250K. 

Offline j1dias

  • Member
  • ****
  • Posts: 672
Re: Proof Of Funds
« Reply #4 on: August 21, 2008, 03:21:57 pm »
How much cash are you looking to spend on REO's?

My company owns few tapes and able to access other ones nationwide.

Please advise.

TJ

What is a tape?

Offline Mr.Proof.Of.Funds

  • Member
  • *
  • Posts: 6
Re: Proof Of Funds
« Reply #5 on: August 21, 2008, 03:51:54 pm »
Tape = List of REO's (Addresses, Values...etc.)

Offline dad0254

  • Member
  • *
  • Posts: 10
Re: Proof Of Funds
« Reply #6 on: August 22, 2008, 11:46:23 am »
I've just got two s/s under contract. I don't have funding in place yet. I wanted the deals first and would secure funding after, but I do want to accompany POF letter,  or  would a letter of commitment from Mort. broker work. I have a complete package being put together to send out. Complete with my own BPO,RE listing, repairs needed, comps, pictures ect. shows are full intent to follow through with the purchase.
I wasnt sure of how to fund the deals. They will be below 65% arv. HML shouldnt be problem I hope.   Thoughts?
A very wise man said,
"Go slow feel your way it will develop itself as you progress"   My Grandfather

Offline Mr.Proof.Of.Funds

  • Member
  • *
  • Posts: 6
Re: Proof Of Funds
« Reply #7 on: August 22, 2008, 12:16:46 pm »

I'm a hard money lender too and have been funding REO purchase transactions.
Typically we ask the buyers to bring in a minimum of 25% (cash) of the purchase price.  Not the appraised value.
I believe there are lenders out there who do funding based on appraised values, but i do NOT know of any that "walk the walk"...most of them just "talk the talk" They say they can do loans based on appraised values, but none perform.
This means, if you don't have money to play with, you are not going to get in the game.  This game is meant to be for real players who have lots of cash and can perform and not waste time.
In your case, it's good to have a letter of POF so you can get the contract started.  I believe all sellers want to see that you can show liquid assets somewhere.

Please let me know if you have any further questions on how to obtain POF letters.

I personally don't recommend purchasing REO's right now!!!!!! 

Offline j1dias

  • Member
  • ****
  • Posts: 672
Re: Proof Of Funds
« Reply #8 on: August 22, 2008, 03:35:14 pm »
I personally don't recommend purchasing REO's right now!!!!!! 

now I am curious... Why is that?

Offline Mr.Proof.Of.Funds

  • Member
  • *
  • Posts: 6
Re: Proof Of Funds
« Reply #9 on: August 22, 2008, 05:26:23 pm »
I personally don't think the cycle is over with.
Look at the economy and the average income?  Has that increased at all in the last couple of years?
Watch the market and the cost increase in living expenses.  Have you seen things go down in prices or just the opposite?
I believe we are going to have at least 50% more foreclosure next year this time of the year.
Now, all those SFR owners (Typical home owner) who held this far may not hold any further since their income hasn't increased and their savings are about to run out!
I own a foreclosure company that services CA, NV, NY, and NJ and our business has increased in the past two months.  I believe the business is going to increase twice and even more in the next couple of months.  All this supports my thoughts and opinion above.

Again, all of the information above is based on a personal opinion and have no guarantees.  This is NOT a professional advice in any shape or form.  You MUST seek a professional advice for further guarantees on any of your investment transactions .

Thank you.

TJ

Offline bigflip2008

  • Member
  • *
  • Posts: 13
Re: Proof Of Funds
« Reply #10 on: August 29, 2008, 01:13:33 am »
I'm interested in purchasing REO's but the banks want proof of funds with the offer.  How do we go about doing this?  I want to use hard $$ but they all seem to want the property under contract.
Hello are you an investor or you looking for REO to wholesale. I maybe able to help.

 




SMF 2.0.15 | SMF © 2017, Simple Machines