How to get Pre Approved and Proof of Funds letter.

Get Pre-Approved & Proof of Funds to secure your loan: bit.ly Usually people ask that how to get Pre Approved and Proof of Funds letter? The answer is with Do Hard Money. The difference between pre approval and proof of funds is that Pre approval is for the borrower, that you are pre approved for funds. It is going to last for 90 days and you will know that you will get financing. The question isn’t that we will lend you or not, its basically the properties on which we will lend. A proof of funds letter is for a seller that says that you have secured financing contingent upon the property being evaluated and with this the seller knows that you will get the financing from a hard money lender. You need to download a lot of proof of funds letter to get the property under contract.

Wholesaling Real Estate Tips! Steph Davis from www.flipthiswholesaler.net talks about using proof of funds letters when making cash offers on REOs. Want to learn how to wholesale real estate? Check out my blog www.flipthiswholesaler.net to learn how to wholesale houses! Other topics include…

business to business financing



26 Responses to “How to get Pre Approved and Proof of Funds letter.”

  1. darlene1ist says:

    WOULD I NEED A PROOF OF FUNDS LETTER FOR A PRIVATE SELLER?? IF SO DO I USE SOME SORT OF RATIFIED CONTRACT FOR MY SELLER TO SEE B4 THEY SIGN ANYTHING??

  2. Djdmc says:

    @FlipThisWholesaler my problem now is what about earnest money, what if they require earnest money upon acceptance of contract. is there a grace period (or does that vary from bank to bank) …. and where would i get the earnest money from?

  3. FlipThisWholesaler says:

    @PorscheORviper Yes.

  4. PorscheORviper says:

    So if I was to use the finanancing method because I had to. Would I still use the same proof of funds letter to prove I have the funds?

  5. DancingSpiderman says:

    Transactional funding co’s are supposed to be set up to where , if the bank wants proof that the T.F. co. has the money, just tell the bank employee to directly contact the T.F.co. by phone and have them to request the T.F. co’s proof of funds bank statement. If the T.F.co is a legitimate business, they should help cover yo azz by helpfully providing some satisfactory proof that the bank employee can verify and make use of. That’s what MY T.F.co says they can do for me…

  6. FlipThisWholesaler says:

    @cato804 The funds are always approved as long as you have an end buyer lined up to purchase the property from you. As long as the buyer is in place- you’re good to go!

  7. cato804 says:

    I’m not sure how to word this, I was looking at the funding source on your website. It did ask for the end buyer to get the money approved, my question was what if you put the house on contract and find an end buyer then the funds are not approved by the transactional funding source. It’s sound like to me no matter what price you put for the home on the transactional website it will get approved no matter what. I hope that cleared my question up…. Probably not though, thanks for your help

  8. FlipThisWholesaler says:

    @you1w Not sure what you mean. A wholesaler is not the same as a real estate broker, if that’s what you’re asking.

  9. FlipThisWholesaler says:

    @cato804 You need the buyer in place in order for them to fund the deal, but you can get a proof of funds letter by just filling out the form on their website. Not sure what you mean by your last question.

  10. cato804 says:

    So using transactional funding you have to have your end buyer in place to apply for the proof of funds letter. My question is how do you market the REO property to your end buyer if the offer is not approved yet.

  11. you1w says:

    Do wholesalers count as brokers?

  12. TheBanditWholesaler says:

    You can also ask a hard money lender for a pof letter. Some might charge say $100 buck for one. With banks taking back so many properties in inventory, beggars can’t really be choosers.

  13. FlipThisWholesaler says:

    @MrReda159 If you go to my blog, there is a funding link at the top of the page which will take you to it.

  14. MegaAgentGeorge says:

    @MutualChemistry Can you recommend a good transactional funding source that you have experience working with?

  15. MrReda159 says:

    What is the name of the company? I am interested in such funding company to make offer. Thanks.

  16. FlipThisWholesaler says:

    A transactional lender is used when you are buying a short sale or REO and then immediately selling it to your end buyer. They will only fund the deal, though, if you have an end buyer lined up to purchase it from you.

    If you go to my blog (flip this wholesaler . net) and click on the “funding” tab at the top of the page, it will take you to a transactional funding site that will explain in more detail…

  17. miqdeb13 says:

    What is a transactional funding source?

  18. MutualChemistry says:

    I have found that the transactional funding company will give me bank statements and the banks love them and now I get all my deals accepted.

  19. FlipThisWholesaler says:

    You can still make the offer but use a financing contingency instead. It won’t be as strong of an offer in the bank’s eyes, but it’s better than nothing.

  20. kyotic77 says:

    do you usually leave the property alone if they reject you without a bank statement steph?

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