Seller wants proof of funds before they'll accept offer

[Dan Sieg]

I am a new investor and I made my first offer just last Friday. I anxiously awaited for a response over the weekend and I indeed got some promising news. It was a probate lead which was turned over to the lawyer who became the executor of the estate. I dropped the offer off at his office Friday and his realtor (who he wishes he hadn't hired since he found me himself) called and emailed me. In the email she requests that I send over a proof of funds letter from my bank. I assume this is a good sign meaning they'll accept pending that move. However I have no intention of purchasing myself, but I do have a buyer in mind. My question is... how do I proceed? I don't have the funds myself to proof... so what should I do or how should I respond to her request? I don't want to flat out say I'm assigning the contract as she'll probably back out. Any advice would be greatly appreciated! Thanks in advance. 

[Richard C.]

This is why you should not listen to guru-types who tell you to pretend you are actually buying, and should instead be up-front about your intention to assign the contract.

In general I would say that a sale that involves both a lawyer and a Realtor is one where it is going to be difficult for a wholesaler to pull off their ...umm... magic.

Proof of funds means that you have to provide proof that you have the funds required to close. If you don't have the funds, the options are what Jeff details above. You should also prepare yourself for the fact that you will very likely have to put up a real EMD, and that they will look dis favorably on contingencies that allow you to back out.