Proof of Funds and 1031

[Mike Huang]

Say you're in a scenario when you're trying to minimize the time between closing on the sale of your old property and closing on your newly purchased property. I know for 1031 exchanges, you could have a new property under contract, close on the sale and then quickly close on the purchase after.

Now how would you obtain a POF letter given that you're supposed to use all the money from the sale to help fund the purchase of the new property? My biggest worry is if by the time my QI gets the funds from the sale, the property I'm looking at is gone (since people in my market do not accept offers without POF).