Saturday Quick Tip -- How To Handle Proof of Funds When Making Cash Offers
Wholesale Hotline | Brent Daniels
Wholesale Hotline
4.9 • 586 Ratings
🗓️ 8 March 2025
⏱️ 8 minutes
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Summary
On today's Wholesale Hotline Podcast (Special Saturday Edition), we help you start your weekend right offering tips, news and mindset advice.
Show notes -- in these episodes we cover:
- Tips to level up your wholesaling business.
- Motivation to keep you going on your real estate journey.
- The latest industry news to keep you updated.
Please give us a rating and let us know how we are doing!
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Transcript
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| 0:00.0 | Hey, it's Jerry Norton. Welcome to the Wholesale Hotline podcast and the Flipping Mastery Breakout. |
| 0:08.0 | We want to know how we're doing, so please leave a comment and give us a rating. |
| 0:16.9 | Let me take a minute here and talk about proof of funds. So there's a lot of misunderstandings about proof of funds, both from wholesalers and from sellers and agents. |
| 0:26.2 | Proof of funds typically only comes up with agents. |
| 0:28.8 | Most sellers don't know to ask for proof of funds. |
| 0:31.7 | That is unless they get educated. |
| 0:33.3 | Now, I educate sellers on proof of funds. |
| 0:36.1 | And what I mean by that is one of the ways that I separate myself from the competition |
| 0:40.7 | is I help the seller understand what a legit contract looks like, what a real buyer looks like, |
| 0:47.5 | what things to be aware of and to beware of. |
| 0:51.8 | And because a lot of wholesalers like to have a very loosey-goosey contract with sellers, |
| 0:57.4 | they want a very non-committed contract, a very one-sided contract. So it's all in favor of the |
| 1:02.1 | wholesaler and not in favor at all to the seller. And so a lot of sellers are naive and they just don't |
| 1:07.5 | understand that. So they'll sign contracts with wholesalers where there's |
| 1:11.6 | zero or $10 or $100 earnest money. I just did the video today all about earnest money and how to do |
| 1:17.8 | that the right way. They'll put unlimited contingencies or contingencies all the way up until |
| 1:23.0 | closing. They'll have a lot of weasel clauses and ways out of the contract. And the reason is, |
| 1:28.9 | if they can't find a buyer for that deal, they want to be able to get out of the contract |
| 1:32.2 | without any repercussions. Now, I don't think that's a good way to operate. That's not how I operate. |
| 1:36.7 | In fact, I go the other way. I'll use terms of the contract to really make myself stand out |
| 1:43.9 | in the group. So if the seller says to me, |
| 1:46.9 | hey, I got another offer here that's higher than yours, I'll say, great, let's take a look at that. |
... |
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