Fund Verification - Posted by Lew Cash

Posted by Jim IL on April 19, 1999 at 17:27:21:

Having NEVER bought a FNMA property before, I too had that question.
I recently looked at a FNMA home that was listed for sometime, and was preparing to make a low offer, all cash.
The listing agent, then told me about the addendums required and that “funding verification” was needed.
She faxed these to me immediately.
After reading everything over TWICE, I see NOTHING that says I need to “prove funding”, UNLESS it is to be financed. In other words, my all cash offer is just that and should be put in.
They only wanted “proof” that I was approved for a mortgage, IF I was using one.

I will then attempt to “flip” this deal.
I’ll let you know IF I get any flack over no “proof of funds”.
(that is, IF my offer is accepted).

And, if you’d be so kind, keep us informed as to your progress as well.
Good luck to you,
Jim IL

Fund Verification - Posted by Lew Cash

Posted by Lew Cash on April 19, 1999 at 15:29:07:

I’ve located a Fannie Mae Repo which is listed with a local realtor. The property is listed at 50k below market. With minimal cost this property can be sold top dollar. My intention is to do a simultaneous close and flip to one of my Cash buying investors friends, at least that’s the plan. Currently the realtor I’m trying to put the bid thru is giving me a hassel about verification of funds, this is before the offer is even submitted she wants this. How can I get around this so that I can submit my offer, lock the property up for a few days to get my investor to take a look at it and close the deal. I’m willing to give the broker verification of fund’s if the offer is accepted then approved by my buyer.At this point fund verification can be provide and only then. Any suggestions on how to get around this bump(pothole) in the road.