Proof of Funds Letters – Get Under Contract Quickly
A proof of funds letter is your personalized statement that shows we have set aside the funds for your fix and flip real estate investment. Once your transaction goes under contract, we will send our team out and provide funding within a short time frame. Understanding when to use a proof of funds letter and how it fits into your real estate investing strategy is crucial to your success. The best part? Download as many of these as you want, 24/7 and it’ll help you move quickly when you want to make an offer to get taken seriously.
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Being able to present a proof of funds letter is crucial to real estate investors. After finding a property on which you would like to make an offer it is essential to move quickly. Do Hard Money is an asset based lender, so getting a verification of funds that contains the correct verbiage is easy.
*Obtaining a Proof of Funds Document from DoHardMoney does not guarantee funding for that property or for any deal.
Proof of Funds Letters Defined
What exactly is a proof of funds letter and how does obtaining one fit into your real estate investment success? Sometimes it is easiest to understand proof of funds if you put yourself in the position of the property seller. Once a property is listed as for sale, the seller wants to attract as many potential buyers as possible to increase the chances of it selling quickly. They’ll not want to do anything that will jeopardize that action taking place. As they are fielding queries about that listing one of the most important things they’ll be asked is about the availability of the property? They’re only going to want to have to tell people it is under contract if they;re relatively sure of the buyer. And that is where the verification of funds letter comes into play.
A seller is not going to want to turn away interested parties unless they feel good about any offer they they may have accepted. One of the most important aspects of that is being assured that the buyer will have the money to complete the purchase. And that is where a proof of funds letter comes into play.
A seller wants something other than a promise and a smile from the buyer. A properly worded verification of funds letter will give the seller the confidence to put their property under contract.
When it comes to real estate investing, knowing how to properly word your proof of funds letters is crucial to gaining the sellers’ confidence and trust.
Real Estate Proof of Funds
When DoHardMoney.com issues a verification of funds letter that in no way indicates that you have been approved for a loan on that property. Our proof of funds letters will always stipulate that the deal needs to meet our lending criteria. What the proof of funds letter tells the seller is that DHM does indeed have money available to lend should the property qualify and the borrower is able to complete all of the other steps that would be necessary for closing to take place. An important component of real estate investing success is timing. Finding the right property owned by a motivated seller is one aspect of that. And those motivated sellers want to know that if they put their property under contract to you that you’ll be able to follow up, so that they don’t lose valuable time or other potential buyers.
Understanding how verification of funds fits into your real estate investing business will help you approach each possible deal with confidence. Once you understand how Do Hard Money’s loan process works you’ll be able to streamline your own processes so you can keep things moving in the direction you need and at the pace you desire. So many new real estate investors don’t understand how to utilize proof of funds letters to maximize the number of deals they can pursue. Because experienced real estate investors will tell you that they usually need to look at 50-100 potential deals in order to find one that will bring them the desired profits having a good lender behind you that can provide the proof of funds letter that the seller needs in order to feel confident that they will put the property under contract.
The importance of getting a property under contract cannot be overstated, as this will allow you to get better contract bids and estimates. It will allow you to obtain the inspections that you need. Having that contract makes it possible to get the information you need about the property title and history. Having the property under contract is necessary for everyone else to take you seriously. Getting the proof of funds for your real estate flip is crucial.