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Author Topic: HOW TO MAKE AN OFFER WITH NO FUNDING?  (Read 3174 times)

Offline 911loan

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    • Florida FHA mortgage, Floirda FHA loans,
HOW TO MAKE AN OFFER WITH NO FUNDING?
« on: April 19, 2013, 08:19:32 am »
Whats the best strategy if you have No proof of funds and want to make an offer on a home?
1. Where can I get proof of funds? Any suggestions?
2. Or if i cannot get proof of funds can I try to add a partner investor later to the contact?

Thanks
Florida FHA home loans From an FHA mortgage specialist.
http://www.fhamortgageprograms.com/

Offline campbellsimon

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Re: HOW TO MAKE AN OFFER WITH NO FUNDING?
« Reply #1 on: April 22, 2013, 07:47:55 am »
Proof of funds i.e. proof you can buy the home.  If you qualify for mortgage financing, then your pre-approval letter from you lender is your proof of funds.  If you are buying on a land contract, then you should not need proof of funds - just your escrow deposit. 

If you are wholesaling then you could put a clause in the purchase agreement stating the POF will be provided in X days which will give you time to locate an investor.
Simon Campbell - Business Analyst

Offline fredd525

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Re: HOW TO MAKE AN OFFER WITH NO FUNDING?
« Reply #2 on: April 23, 2013, 08:55:59 pm »
 a real and legit proof  of fund could  be given by a hard money lender...  You should have  this people  in your power team if you are looking to wholesale..  Some might charge a nominal fee, others don't..

  You do not want to add anyone  to  your contract, you must assign  it altogether... I am not a lawyer  so please seek legal  counsel...

 If you are making  direct   offers  to sellers.. You will most likely   not be asked for proof of funds..  Unless  you come across  as not  believable..  In that case,  muster confidence in your ability to make firm offers..
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Offline tatertot

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Re: HOW TO MAKE AN OFFER WITH NO FUNDING?
« Reply #3 on: April 26, 2013, 02:03:37 pm »
How are you going to buy the house if you don't have access to any money?  Why are you making offers on houses you won't buy?

The money has to be coning from somewhere.  The seller would like to know where.

Offline mrflippahouse

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Re: HOW TO MAKE AN OFFER WITH NO FUNDING?
« Reply #4 on: April 26, 2013, 02:32:43 pm »
To get a free proof of funds you can go to www.shortsalefundingnow.com/proof-of-funds-letter

You will only a need a proof of funds if you are offering on a bank owned property or short sale.
If you are dealing directly with a private seller then usually they don't ask for a proof of funds

Hope this helps :smile
Tj"Mrflipperhouse"Hines
Investor/Coach & Mentor
www.mrflipperhouse.com

 




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