proof of funds after i made all cash offer... - Posted by David (CA)

Posted by Ed Garcia on March 06, 2001 at 10:07:48:


If you have a buyer in mind, then have him verify his funds as your partner.

If not, then it looks to me like you better call me right a way.My number is (909) 944-0199

Ed Garcia

proof of funds after i made all cash offer… - Posted by David (CA)

Posted by David (CA) on March 04, 2001 at 22:02:38:

Hello Ed,

Need your advice, I made an all cash offer today, sunday the 4th. they have until wednesday to respond.

the house is listed at $62,000.00 / is 1450 sq.ft. 2 bdrms/1bath. Currently rented for $550.00 pm. House needs allot of work.

ARV:$85,000.00 approx. / repairs are:15k-20k rehabbed to excellant condition. In area where people feel safe. MAO is: approx. $39,500.00 - $44,500.00 which is what i think it will sell for quickly. I offered $33,500.00 cash. contingent upon me inspecting the interior of the house. my intent is to wholesale it. I have already run a handyman ad for one week and have a list of 17 buyers.

In the RE contract they want proof of funds within 5-10 days after acceptance of my offer. I do not have my own funds to purchase this home. I was planning on wholesaling it quickly to one of my buyers with a simultaneous closing with my buyer bringing the cash. How do I get the proof of funds that is required? Get pre qualifed for a hard money loan? OR? any suggestions or ideas would be greatly appreciated. The clock is ticking. Thanks for the help.

Warmest Regards,