Cash Buyer only requires POF but how do you purchase without it?

[Dana Weis]

We are looking at a home listed on the MLS, but they want a Cash buyer only and a proof of funds is required with the contract. If you don't actually have the money sitting in your account, what is the best way to make this purchase? Private money or something else? Thanks from a newbie!

[Luciano A.]

@Dana Weis

I agree with @Matthew Crivelli (seems like the last few posts I've been in agreement with you :) lol. If you go hard money or private money that you state that and get a letter from the hard money showing you are approved and they will just need to do a few things with the property to get the loan finalized. 

If you have a retirement account or stocks and want to use that to show as proof you just need to send a recent statement. Another thing to consider. How long has the property been sitting on the market, the longer the better as the all-cash might be negotiable. But a word of caution. They might be asking for all cash because they know they will not be able to have it appraised at the price they are asking so even if you have all cash to buy, best to get appraisal contingency so that you are not buying for more than its worth.

Best of Luck