Proof of funds question

General Real Estate Investing
1

I’m going to be purchasing a foreclosed property in my area in cash, so the seller obviously needs to see proof of funds. They are requesting a written letter from my bank to show I have the funds. My question arises because I have more money in my account than is needed to purchase the property at full price…

So, can I ask my bank to write a letter stating I have sufficient funds (or rather say that I have atleast the full offer price in cash), but to not state how much money is in my account? I’m asking this because obviously they would try to get more money out of me in the sales price if they knew of my financial situation.

Any help is greatly appreciated. :beer

2

Absolutely! I would have the bank write a letter saying that you have the amount of cash that is required for the deal. I would certainly not provide evidence of a lot more money than is needed for the deal, considering the lawsuit happy people that we have in this country.

Mike

3

Great. I figured I could do that but just wanted to make sure.

Thanks alot

4

just call a lender and have them create a proof of funds letter for the amount needed.

5

I’m not recommending them, but I hear Coastal Funding.com can give you a POF