Proof of Funds for Wholesaling

[Devon Rollison]

I have been looking to get the best POF possible for over a week now so I can start making offers on the properties I have. I am done wasting my time and potentially losing out on this deal/s by waiting for a cash buyer to provide me with a soft POF.

So what do you guys think about this online POF, is it completely acceptable? is there any realtors out there that would give me there opinions on this POF.

[Kyle J.]

@Devon Rollison To me, a Proof of Funds (POF) is just something showing you have all the funds necessary to close the sale in your name (the buyer).

Could be a copy of your bank statement, or something much less formal like a screenshot of your account balance from your bank website (that’s what I normally use). 

You actually appear to be planning to finance your purchase. So, in that scenario, you'd normally use a pre-approval letter (not a POF) showing you've already applied with a lender and are a qualified buyer because you've already been approved for a loan by that lender.

What you've shown in the screenshot above is neither of those things. It's not a POF in your name, and it's not a pre-approval letter. In fact, any Realtor that Googles it will see it's something that DoHardMoney sells for $50 and it's not a guarantee of anything. It actually says right on their websites that these letters "in no way indicate that you have been approved for a loan".

A Realtor (knowing that) is not likely to take that letter seriously or allow their client’s property to be tied up by a buyer who presents such a letter. 

If you don't actually have real POF and you don't actually want to get pre-approved with a lender, then you should focus on off-market properties.

Properties listed with a Realtor on the MLS don't tend to make good wholesale properties.