Proof of Funds - How To Get Approved for a Proof of Funds Letter

http://www.REIClub.com - Proof of Fund Letters Can Drastically Strengthen Your Purchasing Power In Real Estate. Here Is A Quick Video On How To Get Approved For A Proof Of Funds Letter.

For a FREE Proof of Funds Letter, go here...
http://fastinvestormoney.com/proof-of-funds/

Hi, this is Frank Chen with REIClub.com, the only site you need as a real estate investor. Today I've got quick video on how to get a approved for a proof of funds letter.

Proof of Funds Letter:
- Document that ensures, the seller. that the funds required for the real estate transaction are obtainable and legitimate by the buyer.
- Most all sellers, now, require POF before considering offers
- Let's seller know you are in talks with a lender/or currently have funds = serious buyer / strengthens offer

Where Can You Get It?
- Banks
- Mortgage Brokers
- Hard Money Lenders / Private Lenders
- Transactional funding companies

Requirements:

Have the funds:
- Recent bank statement for that account - You can blank out any details on the statement that are unrelated to the issue in hand, but the seller will want to see contact information for the bank holding the funds, the buyer's name, and the statement date.

Don't have the funds:

Traditional Lenders
- Pre-Approval
- Credit history - rates dependent on credit score
- Debt-Assets ratio - credit cards, mortgage, car payments, etc...
- Monthly Income
- Approval period: 1-2 weeks
- Harder to qualify

Private Lenders / Hard Money
- Not all lenders are credit score driven
- Deal specific - equity in property - usually look for quick closing opps.
- End buyer in place (B-C closing)
- Approval period: 1-3 days
- Easier to qualify, less stringent stipulations

When You Will Need It:
- Back-To-Back Closings / Double closings
- Transactional funding
- Short sale transactions
- REO purchases

Acceptable Documentation:
- Bank statements should be in the name of the purchaser, funds should be in the purchasers account.).
- Proof for Funds must be in the account of the person who is writing the offer.
- Proof of funds must be dated in the last 30 days.

Having access to a proof of funds letter is just ONE way of strengthening your offer. If you are new to investing, and you want to be taken seriously and build credibility, be sure to get your funds in order before submitting any offers. I have included a link below to a proof of funds resource, take a look.

Again, this is Frank Chen with REIClub.com. Please take the time to leave your comments for this video below and please subscribe to our YouTube channel so you'll be automatically notified when we upload more quick video tips for you. Take care and good investing.

Links:
POF Letter: http://fastinvestormoney.com/proof-of-funds/
Hard Money Lenders: http://www.reiclub.com/hard-money-lenders.php
Hard Money Loans Video: http://www.youtube.com/watch?v=-lBZz6TJGvg
http://www.youtube.com/watch?v=Ljc5X0_zADs

Category:

Education

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[reiclub]

I really appreciate the kind comments everyone. If there is anything else you would like for us to cover in more detail please let us know. Thanks!

[reiclub]

Hey Everyone! Thanks for following me. I really appreciate the encouraging comments.

[BorderlineRealty]

Wonderful video, great job!

[MsEsquire2014]

again,great video!! cool and simple instructions to follow. i wish i saved my money and time with other courses!! keep up the great job!!

[RiverwildA]

Very good video! Informative, factual, and detailed info. Glad it's not just someone selling a 'proof of funds letter', as I see so often...LOL. Check out my profile to see my real estate deals! Thanks.

[UrbanREInvestor]

Very Good Frank. Your Videos will help me get moving. Thanks

[starr7ray3gray9]

Thanks for keeping us informed on POF Frank.

[9260larry]

Great video keep up the good work, How do i become a member of REIClub.com and attend the networking meeting.

[asaru47]

Very good and informative. These videos have helped me gain a understanding of this thing called Real estate investing. Thank you much

[sgtlittlebird]

Great video with wonderful content!