hello
I am hearing various mixed things, like wholesaling can’t be done without POF, no double close, etc
is double close still legal
Do you need POF for a probate flip?
You can avoid double closings by assigning a contract if you think or feel double closings are illegal in your state. POF is usually not needed when you deal with a private seller. Real Estate Agents are usually the only ones who want this form. So if you are dealing with private sellers this is never usually an issue. If you do deal with Real Estate Agents just get one from a bank or a private investor. It doesn’t mean you have to close because you have a form proving you can close.
I don’t remember ever giving proof of funds on any purchase. Sellers do want to know that you actually have money to close, but they have always taken a verbal assurance from me.
If you want to purchase foreclosures, you are going to have to be prepared to show proof of funds to the bank. They aren’t going to waste their time with you if you don’t actually have the funds to purchase.
Yes. I agree. In my experience if you give the seller a verbal they are fine. All they want is to sell the home.
Do yourself a big favor and deal directly with the (private) seller. Less hassles and much more flexibility.
Often they will even accept terms if you can give them a good size down payment.
Mike
If you are dealing with home owners then you can wholesale without having to have a proof of funds letter. As for double flipping, you have to check with the title companies in your area. Many are shying away from doing it. As for probates, you also do not need a proof of funds letter because the personal rep is handling the estate on behalf of the deceased not the bank.