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Proof of Funds Sample Letter Bank s Letter Head Stationary Date Bank s Name Bank s Address Bank s City State Zip Code To Whom It May Concern This letter is to certify that Principle Buyer s Name Owner / Partner of Principle Company Name has been banking with us since Year. Principle Buyer s Name has several related accounts with our bank under his control or power of attorney related to the accounts with current cash deposits of USD. Another example Principle Buyer s Name has a line of credit...
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(The bank s address is given along with the letter in brackets following the name.) Our Bank s letter is to certify that our bank has received money from the sale for our bank under the bank s name, and that (Principal Buyer s Name) has been able to make payment on this sum to his principal or someone under him (if under the control of the principal) to complete the sale. (The bank s letter is to certify that we have also been informed by the other party that (Principal Buyer s Name) has bank s accounts in various places (under another or his control) within his control and can be contacted. (We use the first examples above — please see our complete letter here: and below. Please also check with your own financial institution for current cash account limits.) All bank account balances and cash account limits listed in this letter will be honored by the bank, but should not be construed as any guarantee of the funds. (You may contact the bank on the list below and ask for a copy of the bank s letter.) Payment Instructions: (If all of your funds are within the bank s control, you can ask for a check for the full amount of your deposit.) First, please fill out a letter of request for payment, including the following (please see full letter below): Seller s Name Seller s Address Seller s City, State, Zip Code Seller s Telephone Number Payment Due Date 1. Payment Instructions above will be mailed to the person or persons responsible for sending you the funds. 2. A signed written agreement of payment (written on both sides — on the bank letterhead — and under the person's signature) must be presented to the bank by the principal buyer within sixty (60) days. (This agreement is shown below.) 3. In order to receive funds, all principals must be signed in the name and on behalf of the buyer. 4. The agreement must have the following language within it: “Under the laws of the State of Pennsylvania, it is a Class 9 felony to engage in any transaction that is intended to defraud; unless otherwise agreed to by the Buyer and his principal buyer.” 5. If you cannot agree to this agreement, you may file a claim for overpayment, set off, fraud, or misappropriation of funds with the bank. (This is shown below.
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Hey everyone French in here with REI club.com the only side we'll need as a real estate investor today I've got a quick video for you covering how and where need access to the O, so very important proof of funds letter now the proof one's letter is a document that ensures to the seller that the buyer is able to obtain legitimate funds for the real estate transaction now most sellers now today's market require a proof of funds letter from their buyer before even considering their offer now here are another few benefits for getting a proof of funds letter first it lets us Taylor know that you're already in talks with the lender it also proves that possibly you already have your funds in order second it shows that you are incredible and serious buyer and last but not least it really just strengthens your overall offer okay now typically where can you get access to a proof once letter you can go to your local banks you're going to ask your mortgage brokers if you're dealing with hard moneylenders or private moneylenders they can provide one for you as well as your transactional funding companies now typical requirements guys if you're already have if you already have the funding in place okay, or you already have the funds in place you don't need to go through a traditional lender really you just need to pull up your most recent bank statement make sure you blank out your account number your social security number because they don't need that all the sellers we're looking for is which bank is holding the funds are the funds in the buyers name or in your name and the statement date because they want to make sure it's at least in 30 days of when you submit the offer now if you don't have the funds you're a little more limited with your options first you're going to go through your traditional lenders okay they're going to put you through the pre-approval process or due to your credit history your credit check okay so that matters, and they're also going to do your debt to asset ratios do you have any credit card debt you have any mortgage payments car payments what's your monthly income, so the qualification process is a much more stringent and the approval period is typically one to two weeks so if you're looking for a quick closing, or you're holding on to a perfect deal you're not sure how long it's going to be there this is probably not the best funding or best funding for your deals to get a proof of funds letter now your other option guys or your approval of private lenders and your hard money letters now these type of letters are not really credit score driven they're looking more Boyer deal specific they're looking more to feel specific and also if there's equity in the properties or money to be made there also these early looking forward quick closings okay back-to-back closings that's why there are qualifications were a lot less stringent than a traditional lender so as long as you have the b2c side of a transaction or the end buyer in place...
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