Proof Of Funds Vs. Verification Of Deposit
What’s the difference between a Proof Of Funds Letter and a Verification Of Deposit?
These two important documents are vital for real estate investors out there making offers on houses. In fact, without one, no seller or agent may want to spend their time talking to you. Much less actually showing you homes or letting you inside. Most certainly won’t accept a purchase offer from you.
They’ve had enough of time wasters and scammers. They want to be sure you can really buy this property.
POF Letters
A Proof Of Funds Letter (POF) says that you have enough money available to you in order to purchase this property. It’s your ticket in the door and to make an offer and get the property under contract.
The only other option here at this stage is really a pre-approval letter from a respected mortgage company. Even then, some may want to see proof of funds for the balance you’ll be bringing.
Check out our FREE POF Letter here, and get out there to make offers.
VODs
A Verification Of Deposit Form (VOD) is the next level up from a POF letter. A VOD if a form completed by the bank, verifying how much money is in an account. It is more concrete than a POF letter. Agents and sellers know that the bank can’t make these numbers up.
We’re increasingly seeing Realtors and home sellers ask for VODs over POFs. They want something more tangible before risking letting someone in their home, driving around with you, or tying up the property in contract.
The savvier the seller, the more likely they are to demand a VOD. This is especially true of deals on HUD homes.
Having this document in hand will streamline the process of doing more deals, and greatly increase your ability to win the bid and seal the deal fast.
Check out our $99 SPECIAL VOD OFFER NOW.
Still confused, or not sure which you need? Contact us and talk to a pro for free right now...
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