Hello to all, newbi has many question,
proof of fund letter: after I have found the property or can I get a general one and just change the address on it?
I have 30k,do I need to show that amount and if so to whom?
do I need to be prequalified? and have PFL?
can I put an offer in b4 my PFL or no?
thank you all this site is soooooooooooooooo informative
If you are dealing with a realtor they won’t do much more than talk to you without a proof of funds letter. If you are getting the house financed the preapproval letter is that proof of funds. It is not property specific it basically says that you will be able to finance this amount of money. Even if the preapproval is for $100,000 and the house is selling for $200,000 they will work with you will have to either get the pre approval raised or show the difference in funds but that comes a lot later in the process.
Without funds you are not even playing in the game. That letter lets them know you are real.
thank you Bluemoon06 for your clarification, I will be back with more questions,
There are a few sites I have come across that will give you a web generated proof of funds. Are these valued the same in consideration for going into contract negotiations? I am new here and I apologize in advance if this question has been answered somewhere else.