Cash offer... proof of funds with offer?

mobile home university
1

Making offers on my first park. The first park we offered we went with a financing contingency and planned to obtain a loan, but the seller wouldn’t accept our financing contingency and we walked (there were other red flags besides that). Our next park we plan to try to offer cash and try to refinance afterwards. Don’t have much experience yet in the commercial/MHP world, so is it similar to a residential purchase where you submit a proof of funds with the contract?

1 Like
3

Let’s give it a rest with hitting each topic with the same reply. You have done this for the last 20 responses about Brandon Williams. While good referrals are appreciated this has turned into more spamming than anything and can result in a ban. Please keep this in mind on future posts. @Nolandmiles

4

Yes and no. The lender looks at MHP somewhat different than a multi-family APT. They will base on lot rent only. So your cash out might be a lot less than you might want.

5

I believe @Nolandmiles is running a scam on here, pointing people to Brandon Wiliams. Brandon has no less than 6 scam reviews on the internet, and nolanmiles is his “alter ego” on here, possibly the same person.

6

@MCharron.Investor
When doing an all cash offer, I would rather get the price locked down before disclosing all my liquid assets.
If they insist on seeing my cash, then I would transfer just enough money into an account to cover the my offered price.

When doing a financed deal, I show proof of down payment with the offer.

Quick Tip: www.personalsavings.com
They offer 1.75% APY on regular savings. It’s an American Express Company.

1 Like
7

We have only occasionally been asked for proof of funds. In the few times it has happened, we explained verbally where the money was and that was acceptable. Of course this varies depending on experience, if the broker/seller knows you, how good your “story” sounds, etc. If it is your first park, you are more likely to be asked for proof. Submitting proof makes you a stronger buyer versus those who don’t. If you do submit, only show the minimum necessary.