Posted by Dilbert on April 27, 1999 at 18:17:52:
If the “proof of funds” letter is on your letterhead, wouldn’t proof be required from another source separate and apart from you?
Needing proof of funds?? - Posted by LeBaron (KS)
Posted by LeBaron (KS) on April 27, 1999 at 12:17:17:
I’m sure this topic has been discussed here before but I have run into a situation I need advice with. I am looking at properties to flip and I am generally dealing with institution owned properties (a la LeGrand). Well today I located a property and they say they need proof of funds. Now I am a newbie and I don’t have these funds and am wholesaling to generate the funds. My intention is to set up a 30 day closing and in the meantime contact my list of 10-12 potential buyers I have already prescreened to do a simultaneous closing. How do I get around this situation of the bank wanting proof of funds?
As usual, thanks for any and all advice!
LeBaron (KS)
Re: Needing proof of funds?? - Posted by PBoone
Posted by PBoone on April 27, 1999 at 16:36:36:
We keep a “Proof of funds” letter on file written on the LLC’s (ours) company letterhead.
Pat