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Updated over 1 year ago on . Most recent reply
Offer letter and proof of funds letter for wholesaling?
Should a wholesaler have proof of funds letter and an offer letter or is the purchase and assignment contract good enough?
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#2 Marketing Your Property Contributor
- Flipper/Rehabber
- Wilton, CT
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#2 Marketing Your Property Contributor
- Flipper/Rehabber
- Wilton, CT
No.
A wholesaler doesn't need a proof of funds letter. This is not an opinion, this is just so.
Why?
Well are you going to buy the house? No right? Why would you need a proof of funds if you are not going to buy the house?
See my point?
You only need a proof of funds if you are lying or dishonest about wholesaling. If you told the seller that you have no intention of buying their house and that you are going to wholesale it, why would the seller expect you to have money in your account if everyone knows you are not buying the property right?
No you do not need a proof of funds letter. All you need is honesty and transparency. That is how I do it my man! And my deals range between $50K and $100K a pop!
It can be done.
- Jerryll Noorden
