Whats the best strategy if you have No proof of funds and want to make an offer on a home?
- Where can I get proof of funds? Any suggestions?
- Or if i cannot get proof of funds can I try to add a partner investor later to the contact?
Thanks
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.
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…
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.
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