Verifiable Proof of Funds and Cash to Double Close

[Michael Ealy]

With the crackdown on "illegal wholesaling" happening across the country, I would think that there will be a resurgence in needing Verifiable Proof of Funds as well as Transactional Funding - aka Cash for a Day (to double close a deal).

Some of the POF I see from buyers are junk and just prequalification letters from hard money lenders or banks.

Anyone else observes this? What is your take on it? No need for it? Why?

For those of you who are newbies...

• Verifiable Proof of Funds is an actual bank statement and a document linking you with access to those funds to purchase a property; and
• Transactional Funding - is you can borrow money for 1 day to double close a deal. You buy property at price A using the Cash for a Day, and then immediately sell the property at price B. And you pay back the Cash for a Day with a small fee.