Yes if you don’t have enough cash to do the deal then #2 is the answer. But you wold write the offer that you are getting and xyz type loan for $xxx amount, so they wouldn’t ask for proof of funds, they would ask for proof of a loan commitment (for which you’d still need some cash, unless it’s a 100% or more loan!).
They would only ask for proof of funds if you write a cash offer. And, don’t be writing these offers if you can’t close one way ro the other should it become necessary because you can’t flip it that fast.
Posted by Kristen Guzman on January 09, 2001 at 23:26:43:
When putting in an offer through a real estate agent, sometimes the seller wants proof of funds (actually their lawyer. I have two questions abouth this:
How do you show proof of funds if you do not have any?? (just starting out)
If I have a pre- approval for a mortgage, can I say I am going to mortgage it and then pay cash, this way avoiding the chance of a deal falling through??
I mean how can you prove funds, if you have to wait to get the deal first and either flip it or get a hard money lender??