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Updated almost 3 years ago on . Most recent reply

User Stats

48
Posts
13
Votes
Adriel Cisneros
  • Investor
  • Miami
13
Votes |
48
Posts

POF Letter when you wholesale a property with listing Agent?

Adriel Cisneros
  • Investor
  • Miami
Posted

How do you provide a Proof of Funds Letter when you intend to wholesale a property with a listing Agent? 

Which realtor (i.e. buy, sell, etc.) will most likely request the document? 

Some forums suggest requesting a POF Letter from a hard money lender but would you need an prior relationship for them to remit the letter?

Most Popular Reply

User Stats

901
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806
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Dan Maciejewski
  • Realtor
  • PInellas County Largo, FL
806
Votes |
901
Posts
Dan Maciejewski
  • Realtor
  • PInellas County Largo, FL
Replied

As a Realtor, I require POF from buyers whether I'm on the buy side or the list side. As a selling agent, I can't make offers on properties the buyer can't afford, and the listing agent can't/shouldn't accept an offer without a POF.

Also, how are you wholesaling using a listing agent?  The listing agent shouldn't be able to sell a house without a listing agreement (contract) with the owner -- they shouldn't be able to sign a listing agreement with a 3rd party, whether or not that 3rd party has a contract to buy. . .   Are you having the agent use their contract/listing agreement when you put the property under contract?

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