HOW TO SHOW POF WITHOUT FUNDS????

Posted on: Fri, 12/10/2010 - 05:08

sredman's picture

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HOW TO SHOW POF WITHOUT FUNDS????

Hello Fam
I have a prospective deal that is a REO property and I really want to submit an offer on it. It is a beat up house that I am confident everyone is scared to make a move on in the local market. Anyway, I want to try and submit an offer to the bank, however, I am sure they will ask of proof funds and the thing is, i don't have any funds.
DOES ANYONE KNOW I CAN PROVE THIS SOMEHOW??
I am thinking to try and find a partner or investor to put some funds in an escrow account and include him in the deal.
IS THIS THE BEST WAY??

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Posted on: Fri, 12/10/2010 - 05:22 #1

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Simple way

Go to www.coastal-funding.com and check out their section on "proof of funds". It is the simplest way to obtain a letter, but you might also check out other websites (check for them on www.google.com) to see the other options available.

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Posted on: Fri, 12/10/2010 - 06:25 #2

James L. Kendrick

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If you have a 401k you can

If you have a 401k you can use the quarterly statement for your POF, but even with a POF letter, you will have to come up with the money at some point, so you should work on that.

Jim

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