Wholesale Hotline Saturday Quick Tip -- How To Handle Proof of Funds When Making Cash Offers
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Mar 8, 2025 Discover essential insights on handling proof of funds in real estate transactions, especially for cash offers. Learn how to manage earnest money effectively and demystify common misconceptions. Gain valuable strategies for collaborating successfully with agents and cash buyers. Plus, get inspired with motivation to elevate your wholesaling business and stay updated on the latest industry news.
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Educate Sellers on Proof of Funds
- Educate sellers on proof of funds to stand out from competitors.
- Explain how legitimate contracts and buyers operate, emphasizing terms and viability over just price.
Types of Proof of Funds
- There are two types of proof of funds: soft (pre-approval letter) and hard (bank statement or lender commitment).
- A soft proof doesn't guarantee funding for a specific property, while a hard proof does.
Negotiating for Proof of Funds
- If an agent requires hard proof of funds, negotiate a contingency period.
- This allows time to secure funds after the contract is executed.