PROOF? of funds? - Posted by Redd(CT)

Posted by Nate(DC) on May 01, 2001 at 16:30:14:

So basically, you want to figure out a way to suggest that you have funds, when in fact you do not have them?? I guess you could make up bank statements or something. The bigger problem is that these sellers do not want buyers like you - they want buyers who can actually provide proof of funds and can close with their own money. By asking for proof of funds, that’s basically what they’re saying - “if you DON’T have proof of funds, I’m not going to be bothered with you”. Maybe you should look for another kind of seller, one that doesn’t require proof of funds. At least not until you have some funds.

Another idea would be to get prequalified with a hard money lender who is willing to give you a prequal letter to submit with your offers. That might work as “proof of funds”.

Good luck,

PROOF? of funds? - Posted by Redd(CT)

Posted by Redd(CT) on May 01, 2001 at 12:31:48:

I am wholesaling properties using the LeGrand system and I have 2 CRUCIAL questions.

  • I intend to flip these properties to “cash” investors…use their cash obviously.

I have 2 prospective sellers who are also investors and this seller is asking for proof of funds and to close in less than 30 days…more like 2-3 weeks.

how would I show proof of funds at contract if I have not placed an ad to get my buyer in the first place?

how can I remain serious & close ASAP!

I want people to think I am serious…

how should I handle this?