It's a legitimate procedure post tax deed sales here, and generally used to correct mistakes, errors, or fraudulent acts.  

First of all the seller cannot just "Back Out" without some legitimate reason.

I personally talked to him on the phone, seems very legitimate and he himself conducts the course.

If it is a legitimate lender offering Proof of Funds letters, they provide contact info and answer all inquiries verifying the letter that was presented to the seller or listing agent.

Let's face it, the barrier to entry is pretty low...You'll learn a ton of relevant info, open up an entire new income stream (listing and buyer's agent commissions), and be able to offer a broader spectrum of services to your clients who need to sell.An assignment of a contract is a perfectly legitimate exit strategy in some cases, but I'm not comfortable with the idea of tying up someone's home with a contract you have no intention of honoring, then scrambling to find a buyer before the contract contingencies expire - it's this business model that has given the practice a bad name, and is fraught with legal and ethical issues.

This property is currently just Chase Quick Paying the rent, but would like to legitimize this and run it as a business.

We would like to include a proof of funds letter with our offers sent.We want to make sure it's a legitimate company/bank and not a free generated proof of funds letter off the internet.Any feedback would greatly be appreciated.Thanks,Jay

Unfortunately you will NEVER find an answer to your problem by seeking solutions here or on any other venue.

You would then assign the contract to the new buyer for a fee and that is totally legitimate.

I know this is a long story and asking for a lot put I would really appreciate any suggestions or legitimate solutions that anyone can offer.Thanks for reading this...Tom