My POF was rejected for a REO offer?! Anyone know how to get around this?

Bird Dogs, Wholesaling
1

:shocked I put in my second offer today on a REO, the broker rejected my POF letter. Although there is a website and contact information that can be verified for a cash transaction. The broker said they can not accept it because it is not a legal document such as a bank statement, stock or hedge funds. He said the only way I could put in an offer is if I had something that showed the money was already there.

Totally confused…all these flash funding companies provide POF and cash for double closes. Now the bank is not accepted them? Please help, any advice would be helpful. I know I can do the traditional pre-qualification through the bank but I mean something else. I am in NYC if that helps.

Thanks

2

Some of the banks will not take letters from hard money lenders or trans. funding sources if you are making a cash offer.

There’s not a whole lot you an do about it- they have their rules, and you have to play by them.

Either make the offer using a financing contingency, or just move on to the next one.

Steph

3

use a partner’s bank account statement as pof. you don’t have to close using those funds, so you can always come thru in the end using Hard money