Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Wholesaling
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 1 year ago on . Most recent reply

User Stats

1
Posts
1
Votes
Nia Baisden
1
Votes |
1
Posts

Wholesale Proof of funds

Nia Baisden
Posted

Hi I have a off market deals where the seller is working with an agent. The property isn't listed and they're willing to sell to me. I'm trying to get it under contract but they're asking for proof of funds for the purchase which is 219k plus a 5k EMD. Is there any strategies for getting proof of funds or working with a cash buyer to get the property under contract??

Most Popular Reply

User Stats

1,028
Posts
1,047
Votes
David Ramirez
  • Investor
  • Tampa, FL
1,047
Votes |
1,028
Posts
David Ramirez
  • Investor
  • Tampa, FL
Replied

I agree 100% with @Lydia R. Make sure your EMD with the seller is always less than the EMD that you are going to ask your end buyer. That way, if your end buyer backs out for some reason you can cover your EMD with the seller and still have some left.

I have this clause in my assignment contract that I would recommend everyone to have especially if you are putting a heavy EMD because of the seller's request.

This is not legal advice and you should consult with an attorney if you have questions!

The Assignor will use the funds from the earnest money deposited by Assignee as the earnest money deposit to the first and original Purchase Agreement and/or predecessor assignment of the Purchase Agreement. This Agreement does not transfer any earnest monies that the Assignor may have on deposit. Any earnest funds that the Assignor deposited with [insert name of escrow company] will be credited back to the Assignor upon receipt by Escrow Agent of Assignee’s earnest funds.

Loading replies...