OfflineAs all of you know, when submiting an offer to a bank for a REO or Short Sale, you must submit proof of funds along with the contract to purchase. My wife Jill & I have always enclosed a copy of a money market statement or home equity line of credit statement. Well, we have found that since the "bailout", some banks have not been dealing as well as before the government money, resulting in less offers being accepted.
Today I was talking with an asset manager of a smaller bank & in passing conversation was informed
that if my proof of funds statement showed $ 100,000 in the account, & I was offering $ 40,000 on a property
that was listed @ $ 80,000, the bank would counter back @ $ 78,000 ... because they saw I had excess funds
in the account. He said to show only the amount that was needed to cover the offer.
This evening, while having a conference call with Dean, I mentioned this to him & he said he found out the same thing a couple of weeks ago. His solution was to get a letter from your own bank stating you have the
exact amount of the offer ... this way they think that's you "highest & best" and just might accept the offer.
Now, that's some Great Advice ! No Wonder He's the
"DEAN"...Thanks again Dean. Gary & Jill Ceriani
Proof of Funds
Posted on: Sat, 01/23/2010 - 02:16
Proof of Funds
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I have to do a proof of fund you are on time with your inform.
Thanks Guys
Angie
May each day get better
Thanks, Gary for the info. My realtor and I were discussing this the other day as well when I was submitting some offers on REOs. I had a bank statement showing a significant amount (as I have done in the past). I brought that up, but she reminded me that when she submits offers for me, she just puts that POF will be provide upon acceptance, therefore eliminating any question on the bank's perception of any statement or letter. That might be something for people to request of their realtor. As long as the AGENT sees you have POF, possibly they can SUBMIT offers without it.
Thanks again,
Rina
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249
I think I'll try Rina's strategy.
Blessings,
Barbara
Owen Properties, LLC
Do you know of any such web-site that you can share with the DG family?
Have a Blessed Day,
Phoenx
We all are everyday Angels, so why not expect miracles? They're there...have you noticed or made yours today?
I had a Realtor that wanted a proof of funds before an offer was made. She said in order for her to help me, she needed that in her file to make offers. Needless to say she was full of it and I fired her. There were other issues but she had no clue what she was doing.
BRE #01956371
Thanks so much for sharing this great advice. You gave me more inspiration on the phone the other day. This is something I never thought about when submitting proof of funds and it sounds like this should always be how to show your pof for a property.
Jeremy
This train, Dreams will not be thwarted
This train, Faith will be rewarded
Big wheel roll through fields where sunlight streams
Meet me in the Land Of Hope And Dreams
Bruce Springsteen
I just read your chapter in the new book today. You guys are a great couple doing amazing things. Keep up the great work!!
Jeremy
This train, Dreams will not be thwarted
This train, Faith will be rewarded
Big wheel roll through fields where sunlight streams
Meet me in the Land Of Hope And Dreams
Bruce Springsteen
Jeremy
I too was impressed, I did not buy my 1st house until the age of 20, & did not invest until much later because of other people telling me over & over it was a bad idea. Knowing & seeing others do it consistently should prove to all, this is a GREAT way to be financially independent. I know with your skills, you will go far!
Gary