The last two wholesale deals I’ve attempted to make, the sellers are asking me for POFs or proof of funds. I asked a realtor about a POF and she explained that other realtors want to see this form in order to know that you as a buyer have the funds to make this purchase. However as a wholesaler I’m not buying the prop my investor will be the one responsible for the POFs. What do you suggest I do to go around the showing of the POFs to the seller and get the prop under contract?
Am I right to assume these are listed properties or REOs? A private seller won’t ask for POFs 99.9% of the time, and if they do then I would bet everything it’s not a deal. Motivated sellers just won’t do that.
If it’s a private seller I’d tell him my investor will be the the one putting up the funds, my job is just to get it under contract and present the deal to him.
If it’s listed or REO (or even if it’s a private seller and the deal is that good) I’d just use a POF letter from one of the many transactional funding companies that are all over the internet. Here’s one: http://www.coastal-funding.com/pof.html
Thanks for clearing that up. Nuff said…I figured that if they were asking for POFs, they weren’t motivated enough. Thanks for the link as well. Greatly appreciated!