All Forum Posts by: Elijah O.

First, make sure what you are doing is legal in your state.  Be totally up honest with the seller.  It is simply not fair to them to tie up the property, make them think they've sold it, and then back out later.  Really, you should have your buyer lined up before the property.  The best wholesalers in my area have a list of no-nonsense buyers, what types of properties they like to buy and price points they like to buy at, so when they find a deal they know exactly who the buyer is, and know that they will close.

Your purchase contract will usually specify how they want it delivered. Are you or the other party working with a realtor? Is the earnest money going to an escrow company?

Some ways are:

1. Personal Check
2. Cashiers Check
3. ACH
4. Debit Card
5. Cash
6. Wire Transfer

I don't think you understand what proof of funds actually is. It's is money that YOU actually have. The sellers want to know that YOU have the money in your possession.. When I am required to show proof of funds I have my bank write a letter stating that I have in excess of the contract amount on deposit and available for withdrawal. Others have stated that you can show a copy of a recent bank statement  showing how much you have on deposit.

@Elijah O. - Typically when someone requests proof of funds, they are looking for some validation that you have the money you claim to have for the deal.  Usually, a screen shot of your bank accounts (with account numbers blocked out) is sufficient. 

In your case, since you intend to wholesale, you'll be best served being up-front about your intentions to organize an end buyer.