Funding REOs

Funding REOs

I have a list of REOs I'm making offers on tomorrow. The realtor wants approval letters or POF letter for all of them. I'm worried because I read in recent posts that some banks are not accepting POF letters from companies like Coastal anymore. If that's the case, how should I proceed? I won't get far without proof of funds.


Those who kill time murder opportunity.

"Beloved, I wish above all things that thou mayest prosper and be in health, even as thy soul prospers." III John 2

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POF Letters


Contact a local banker that you know, attorney, or CPA. They can prepare a POF letter for you based on your financial situation. You may not have all the cash for all your offers, but you can start one offer at a time. Another option could be a partner with financial resources. The letter can be based on the partner and will allow you with a foot in the door for future deals. Good luck on your deals. Believe and Achieve! Smiling


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POF (further clarification)

you get the bank (whatever financial institution you bank with) to write a letter stating how much funds are available in your account if your doing a cash offer, if I understand you correctly, right; to submit to bank your offering bid on? How many days would this letter be good for?


In the name of Allah, the Beneficent,
the Merciful.
22.He is Allah besides Whom there is no God: The Knower of the unseen and the seen; He is the Beneficent, the Merciful.
23. He is Allah besides Whom there is no God: the King, the Holy, the Author of Peace,the Granter of Security, Guardian over all, the Mighty, the Supreme, the Possessor of greatness. Glory be to Allah from that which they set up (with Him)!
24. He is Allah: the Creator, the Maker, the Fashioner: His are the most beautiful names. Whatever is in the heavens and the earth declares His glory: and He is the Mighty, the Wise.