My business/capital partner and I are considering making an offer on our first park - in addition to submitting a “purchase and sale agreement” and depositing earnest money in an escrow account, do most listing agents/brokers require some sort of “proof of funds”?
If so, do I submit something like a redacted copy of one of my capital partner’s bank accounts showing sufficient funds for the down payment?
Thanks to everyone for their help - I can’t imagine trying to do all this on my own.
I just closed on my first park last week and they never asked for a PoF. However, I sent one early on just because I had it available and you would be amazed how quickly information started to flow in my direction afterwards. Most banks can draft a document for you that shows basic info like the account open date and available funds. That should suffice for any PoF document.
I would assume you send the PoF to let the broker/seller know you’re serious. That would be before opening an escrow account and sending the earnest money. You could submit it with your contract to be considered a “serious” buyer and not someone who is going to get the deal then try to flip it.
@Dominic730 - this is a great idea. Getting information from the listing agent has been like pulling teeth - maybe if I send them PoF they might see me as a more serious buyer and be more motivated to provide the information I’ve been requesting.