Proof of funds

[Jason Henry]

1. What if I'm trying to do a deal and the seller ask me for proof of funds but I don't have one, what should I do? Is there any way around this? Again I'm new to this I'm just seeking some help here. 

[Randy E.]

@Jason Henry just go to the bank where you have your money deposited and ask them for a letter that says you have $X at your disposal.  That's all the seller is asking for.  

If you're trying to buy a house and you don't have any cash saved, you probably have applied for and been prequalified for a mortgage.  In that case, go to the bank and ask for a prequalification letter that states how much you have been qualified for.  

If you don't have cash and you haven't been prequalified for a mortgage/loan, the seller probably won't want to go any further with you.  Sellers ask for PoF statements from buyers so the seller and/or agent won't waste time negotiating with someone who can't actually buy their properties.

Good luck.