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Updated about 8 years ago on . Most recent reply

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33
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Victoria Riggs
  • Great Neck, NY
6
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33
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Proof of funds letter or bank statement

Victoria Riggs
  • Great Neck, NY
Posted

Hello,

I have a deal asking price $29,000 and ARV is $ 150,000 and condition is not that bad.

I want to wholesale or partner up on this deal, can you recommend a good source to get a POF or a bank statement? I've heard POFs are not taken seriously.

Thanks for your advice,

Victoria 

Most Popular Reply

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2,710
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Patti Robertson
  • Property Manager
  • Virginia Beach, VA
2,240
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2,710
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Patti Robertson
  • Property Manager
  • Virginia Beach, VA
Replied

@Victoria Riggs - You get a POF letter from whoever has agreed to give you funds to purchase the property. Real POF are taken seriously from recognized entities. Using a fake POF letter just to get a contract accepted from a source who really hasn't agreed to give you the funds for the purchase is fraud. Don't do it. Find a lendor - bank or hard money - who will legitimately agree to fund your deal(s), and they will provide you a POF. You can still wholesale the property, but you will be putting it under contract legally this way.

  • Patti Robertson
  • 7574722547

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