Investors: Why You Need A VOD & How To Get One
A VOD is a vital piece of the puzzle for real estate investors. Why do you need one? How can you get them legally?
With many more new entrants to real estate investing this year, and more landlords and rehabbers turning to wholesaling to diversify their strategies and bump up their incomes, VODs are becoming more in demand.
What Is A VOD?
A Verification Of Deposit (VOD) provides proof that you have access to enough funds to buy a property and close on the transaction.
It is a printed document direct from a deposit banking institution verifying how much money is in an account.
Why You Need VODs
As a real estate buyer you won’t even be able to view properties or make an offer without proving you can pay for it. The sellers and their real estate agents don’t want to waste their time unless they know for sure you can follow through.
A VOD is the perfect way to do this. It shows enough money in a bank account to cover the purchase price, closing costs, and any other requirements, like assets in reserve.
This is exactly what you need if you are wholesaling or flipping, and doing back to back closings.
Even if you are buying a home to live in, or plan to rehab and hold it, but are getting a mortgage loan, your lender will almost invariably request a VOD in the process to verify the amount of cash you said you had on your loan application.
What’s Important In A VOD?
There are four important factors when obtaining and providing a VOD.
1. It is for enough cash (purchase price, closing costs, several months of reserves)
2. It’s time sensitive: most will require it be dated within the past 30 days
3. You have it in hand before you find a property: you need to be able to make instant offers when you find a deal, and even to get in to view properties
4. It’s real: falsifying real estate and mortgage documents can carry lengthy prison sentences
VODs can become even more important when sellers and agents are concerned about the economy, market, and protecting their commissions.
To help both new and existing investors get through the post COVID-19 situation, and thrive, Best Transaction Funding is providing a special $99 offer on our VOD service. Request a VOD to get your VOD and be prepared for success!
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"I want thank you for the excellent service I received from Best Transaction Funding.The quick response I received from your company from the beginning of the transaction and to the end was unbelievable. I also want to give a special compliment to you as well. You went to great lengths to keep me informed and gave my title company all the information they needed to complete a successful closing. I cannot express how thankful I am. Such service builds great working relationships. I will definitely recommend Best Transaction Funding to all my fellow investors. Thank You."
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