I am about to make my first offer but I need to have a contingency plan when I am asked for proof of funds. This will end up being an assignment deal so I am not really going to be the purchaser, but I know the question of funds verification will be asked.
Also, I looked at Coastal Funding's website (http://www.coastal-funding.com/) and it seems they are only offering the free letter if you are doing a back to back closing (double closing?). So, from an ethical standpoint, I can't see myself using their letter under the false pretenses of assignment of contract deals. By all means, if I am miss-interpreting what they are saying on their website, please correct me.
So I did a Google search for the words "Proof Of Funds Letter", with quotes and I stumbled across this website:
Hartwell Ventures (http://www.hartwellventures.com/)
Only thing is they charge a fee for this letter and they actually setup a account with the money and it is basically loaned out to you for 60 days at 2%. They are willing to work with investors as well. I called them and told them that I was trying to do assignment of contract deals and I would not make a big profit on those deals. They said that was ok and they would agree to take a cut of my assignment fee. So it was like a $1000 for the letter and a $2500 from the assignment fee. So a total of $3500 after the assignment was complete.
So before I go down the pay for this service route, can anyone suggest someone other than Coastal Funding that will provide a proof of funds letter at no cost or a lower cost that can be used on assignment of contract deals?
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