Posted by HR on January 13, 2001 at 08:44:41:
I agree with Jim.
I just finalized an offer on a reo this week, and they indeed asked for proof of funds. The pp is 10k, and I have more than that in cash in the bank. I called a mortgage broker who has become a friend, though, and asked if he would type out a quick letter saying I had a line of credit sufficient to cover the purchase. He did and I faxed it over to the listing agent. I would have used the banker, but he was out sick. Just shows the value of having many good, reliable partners on your team.
PS. Make sure you really can close. If I coulden’t, this broker would have been liable as well. Because of other transactions we’ve done, though, he trusted me. Build relationships. I would have had some other difficulties with sales in December if I didn’t have a good realtor, termite man, and licensed home inspector in my back pocket when needed. Develop those networks. They are invaluable.