Peer 2 Peer Real Estate Show 74: Proof of Funds

On today’s Show, in real estate news I talk about how Wells Fargo screwed up on mortgages they foreclosed on in error!! See link below for full details courtesy of CNN.

Why is proof of funds necessary? in most cases either a realtor or a seller of a property will ask to see that you have funds either for a downpayment and/or closing costs.

One thing I noticed there are two proof of funds documents I’ve seen, one, is bank statements the other is a letter from a source of funds like, private money or hard money that will lend you the money to buy or for a downpayment.

Depending on who you deal with it’s smart to have both documents if you can get them, in my opinion if someone doesn’t ask for the proof of funds then don’t offer it.

Below are two samples of proof of funds that I mentioned before.

First is a letter for proof of funds

Second is a bank statement stating funds that are available

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https://www.cnn.com/2018/12/12/business/wells-fargo-foreclosure-nightmare/index.html

Books I recommend

  • The Art of owner financing – Mitch Stephen
  • Long distance real estate investing – David Greene
  • Real Estate Note Investing – Dave Van Horn

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