proof of funds

[Mike Lee]

I had a realtor question my pof from coastal funding. I have seen a few pofs online, but they all have a link or if you search for them online its easy to see that they are transactional funding only. I know a HML that will give me a LOI, but I do not want to ask him for a LOI for every property I want to put an offer on. They said I have to email him an address for every LOI. ??? That sounds kinda crazy. Any suggestions for some non funny pofs?

[Will Barnard]

Ah, the "F" word again. To [prove fraud, you must prove intent. I wouldn't thhink this is a fraud issue, however, if your lender has no intention of fudning the deal of which you used the POF, how do you expect to fund at closing time? Seems like a waste of time to me.

Here is the real world answer (For REO - bhank owned properties): A POF is a bank statement, stock account statement, IRA statement, etc in your name or your entity's name with enough cash to close the transaction. TF POF letters will not work (99%) of the time.
For private sellers, most are not seasoned enough to know to ask for one.

If you want to be in the REO game, you must have the cash to do so and as such, you need to search for a money partner with a bank statement, find a private lender and make your offer with financing (harder to get the deal and a better price), or find a family member to fund your deal and show a POF.
If you intend to double close, A-B then B-C, you can find a family member or friend to fund the deal, use their bank statement, make the offer in a new entity, show the funder as a owner/member of that entity and you are off and running.