Stupid Newbie question time

[Hattie Dizmond]

I wrote an offer on a property in Richardson, TX today. It's an REO, but the bank is taking all offers. Mine is the first written contract they have received. I offered about 65% of a very conservative ARV - rehab. The house is in good condition as is, and it's in a great location. Here's my quandary... They are asking for Proof of Funds. I'm wholesaling. I don't have POF, because I never planned to close on the property myself. Suggestions? How do I handle this? I'm sure several of you are LOL right now and that's ok. But, when you stop laughing, could you please explain to me how I should have handled this and what I can do now? Thank you!

[Martin Scherer]

Personal opinion, don't write offers if you cannot close the deal yourself.  You are tying up someones property, This isn't a game . It's a business and  should be treated like a business.  

Signing a purchase agreement is just that; it is a statement you intend to close on the property and have the ability to do so not "I am trying something I read about online and don't have two nickels to rub together and I sure hope I can find a buyer", transaction.

You will find many here who will argue that point and don't agree but you are being disingenuous if you sign without the intent to close.  Now if you actually have a buyer ready willing and able thats different.  Nothing wrong with wholesaling but have your buyers before you tie the proper up.

On the rare occasion I am a seller I will not accept a cash offer unless it is accompanied by a POF from a local bank. Not to offend you and you should ask about anything you don't understand here but You should already know the answer to your question before you tie a sellers property up. Too many people tying up desperate sellers with no end buyers and no understanding why that is wrong to do.