Yes, most sellers and just about all banks will want to see proof of funds on cash offers. Check with hard money lenders to see get a prequalification letter and that should suffice.
Steve Cook recommends using a financing contingency rather than all cash – that way if the property is worth less than you thought it’s much easier to get out of the contract.
LeGrand Wholesaling question - Posted by Paul Hajacos
Posted by Paul Hajacos on June 19, 2002 at 12:26:12:
Recently made an offer on a “junker” but because a bank owned it, bank wanted proof of funds…will most sellers require proof of funds?? Ron never mentioned this…I just wanted to put a contract on it and wholesale it like Ron teaches but have no real money in the bank…Thanks for any help!!!