Transactional funding

[Jordan Freeman]

Hey bp, I was very curious to know if most buyers require proof of funds or most banks before allowing a contract on a property? Are you able to simply say you will have cash on a certain date and use your buyers funds via assignment or do they require before hand to have proof of funds? Also, was curious to know of some good title companies or agents located around the north dfw area around plano. As well as any cash buyers in the area whom I may be able to connect with. Thanks guys!

[Lisa Kohl]

@Jordan Freeman In most markets- you will need to provide proof of funds or a loan pre approval if the home is listed on the market. If this is a private transaction say from a mailing campaign etc then you will have more flexibility with this since most private sellers will most likely not ask. If it's listed on the market- Unfortunately most banks, sellers and their agents simply won't take your word for it. If you plan on using transactional funding for a deal you shouldn't have a problem getting documentation from the company you are working with.