Find a Lender…quick! - Posted by Kevin IL
Posted by Kevin IL on September 15, 2003 at 08:46:17:
In my area the bank REO properties require proof of funds to make an offer. Do you have a relationship with a HML, commercial lender or private party to fund this deal? If so, than they will provide you with the proof of funds letter.
My realtor knows that I can get the money, therefore she doesn’t require proof before making offers. The deal I’m working on now the bank wanted proof, we wrote in the offer that proof of funds would be provided within 5 days of acceptance. This way my lender only writes letters for accepted offers.
the other poster says that the realtor must present all offers. While that is true, the seller can stipulate that they will not entertain offers without proof of funds. In this case, the realtor does not have to present the offer without proof of funds because the seller determined the criteria for an offer. As long as the criteria are not discriminatory, it’s their perogative to do so!