Putting in offers

PLEase someone help us with this situation

Thank you very much for the help god bless you by the way I have a few other questions that is holding me back from hitting full force

I send in a proof of funds letter with all of my offers. I make it for the exact amount of the offer I've submitted.

And, I do the same as Donald, and use www.coastal-funding.com.

This should eliminate any additional issues with the agent.

Hello all,

Most sellers require POF, regardless of the terms of the sale. Proof of Funds is especially needed for Cash Offers to Banks. A Pre-qualification letter is requested by the seller for offers that will use financing. Here are a couple of tips to help when offering:

Once you find a Ready, Willing & Able Agent, you could do the following.

This helped me alot and might help you, too:
- get your Proof of Funds [from Coastal, or wherever]:
* instead of a property address use your County Name
* leave anything blank the fill-able POF allows you to, such as Broker/ Listing Agent, etc.
* use a dollar amount 2X the amount you intend to buy for + $20,000 (in the event you are offering on more than one place at one time with the same brokerage, you will be able to), send to your agent, you'll need to replace it each month or so
- make a copy of a check and sign the copy, but don't fill it out; scan, fax or give this to your agent

This method saves time, headaches and allows your agent to place offers, include POF and EMD (earnest Money Deposit) as needed-- all month long, on any property!

Hope this helps.
-Tina

Hello all,

Most sellers require POF, regardless of the terms of the sale. Proof of Funds is especially needed for Cash Offers to Banks. A Pre-qualification letter is requested by the seller for offers that will use financing. Here are a couple of tips to help when offering:

Once you find a Ready, Willing & Able Agent, you could do the following.

This helped me alot and might help you, too:
- get your Proof of Funds [from Coastal, or wherever]:
* instead of a property address use your County Name
* leave anything blank the fill-able POF allows you to, such as Broker/ Listing Agent, etc.
* use a dollar amount 2X the amount you intend to buy for + $20,000 (in the event you are offering on more than one place at one time with the same brokerage, you will be able to), send to your agent, you'll need to replace it each month or so
- make a copy of a check and sign the copy, but don't fill it out; scan, fax or give this to your agent

This method saves time, headaches and allows your agent to place offers, include POF and EMD (earnest Money Deposit) as needed-- all month long, on any property!

Hope this helps.
-Tina

tina thank you very much for helping, Im just a little bit confuse about the dollar amount can you give an example?,
the check copy is a personal check and how can my agent use this.

FSBO is the best way to go because they wont ask for pof. Coastal ive used a few times but some banks are on to that and dismiss it.easy to use their site, just fill out the prop address and the amount of your offer.
As far your check goes, My realtor just puts in the contract that 1k is due within 10days of accepted offer. If your wholesaling you can ask your end buyer for 2500 non refundable em. cut a check for the 1k and put 1500 in ur pocket. Most real buyers wont even blink at that if they want the property.
good luck
Never EVER give up!
Richie

Just clarifying BC...you make some good points and interesting strategies. Can you use Coastal POF with realtors to get them to submit offers? When I started finding realtors in the beginning they all asksed for proof of funds to submit offers. I'm thinking they were the wrong kind of realtor.

Thanks Tina

That helped me out a great deal, every realtor I've used in the past asked for proof of funds. I'm assuming this could be difficult with REOs...Dealing with banks and financing. Is Coastal POF a Qualifying letter? Do they actually provide the funding if needed?

Hey Kasi,

Coastal Funding is a transactional funding company. As long as the deal meets their criteria, then you WILL get the funds. Basically, you have to have your end buyer in place, they submit their funds to an escrow account just before closing, Coastal Funding verifies the funds, then they provide you with the funds to buy the property from the seller. Coastal will already know that you have the funds to pay them back before they even lend you the money. So, their funds are guaranteed if you meet their criteria throughout the process.

Hope this clarifies things for you,

Thanks Stephan

That helped a lot. I am starting see it's about marketing than anything else and finding the right people to make things go smoothly.