If someone calls me who is in foreclosure, and I want to do a short sale, but the lender requires a “proof of funds letter” for which I cannot produce because it’s not my money that’s buying the property - because I am wholesaling - how does that work?
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If you cannot produce a proof of funds letter, then you cannot do the shortsale. That’s just part of that business.
I don’t really understand the “it’s not my money that’s buying the property - because I am wholesaling.” What does wholesaling have to do with the fact that you have to have funds to close the deal?
Raj
I am from Mars, ok?
I am new to this wholesaling thing and have gotten it all confused. Please disregard my question. Thanks just the same.
Raj, thanks. It’s me. I am confused. But I think I’ve got it now. :rolleyes
Get a proof of funds letter from a hard money lender. With them, your credit or assets is not an issue.