OfflineI finally found a realtor who is willing to work with me and pull comps. I told him what my intentions are and that I would be putting in multiple offers buying below 65% of FMV and my offers would be aggressive.
He called me tonight and told me he's dealing with a bank that has 245 properties and most of them will comp at or under 65%.
The only problem is they want a letter of intent and proof of funding. Also, the realtor wants me to sign a disclosure not to share information and buyers agreement form. How do I get around this? I have no money or credit. I'm new at this and don't know how to proceed. Any help would be appreciated. I'm dying to do my first deal!!
Bob
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Bob,
I have also asked the same question and have not received a response yet. That is my main question. We can assign contracts 24/7 but how do you do the deal without "proof of funds"?
This is the main thing that's stopping me right now also. I have many great deals, but the realtor wants either to see my cash in my bank account or a pre-qual letter.
"If you cannot do great things, do small things in a great way.”
Napoleon Hill quote
A DG Family member (sistreat) has a source that will offer funding for double closing and provide a letter for "proof of funding".
Just follow this link:
http://www.deangraziosi.com/node/8643
"ALWAYS THINKING OUTSIDE OF THE BOX"
Madsion,
Thank you so much for sharing that thread from sistreat. I sent her a PM and hoping she will get back with me.
Thank You,
Jason
"If you cannot do great things, do small things in a great way.”
Napoleon Hill quote
Madison,
I called them and they won't deal in Mass. because of the lawyers up here make it hard for them to do double closings. He said Maryland was another state they won't deal in.
Hopefully, I can find someone who will. That's the only thing stopping me from putting in offers.
Thanks anyways,
Bob
Bob,
A few weeks back, I had found "someone" on CL, who does the same type of funding for a double closing. "They" only deal with property in MA. I will "rummage" through my many emails to find the contact for you.
"ALWAYS THINKING OUTSIDE OF THE BOX"
A way you might get around that, is to tell the lender you're doing deals in another state, you still might get the letter. Then modify it and use it over and over like CBR does. Just a suggestion!
Psalms 118:23 "This is the LORD's doing; it is marvelous in our eyes."
Elena,
Who should I get the letter from? I'll try anything at this point.
Bob
You have to get the letter from a Lender, Any Lender. The Bad news is, it seems like your going to have a Hard time getting Pre-Approved(with no credit, or money) and unfortunitley thats how the banks deal, No Letter, No Offer, SULLY
YOUR HERO, SULLY
If you're assigning you don't need proof of funds, according to my investor. Anyone know differently?
Dawn
Life's a Dance you learn as you go...GET HAPPY FEET!
"Most of the important things in the world have been accomplished by people who have kept on trying when there seemed no hope at all." ~Dale Carnegie
Yes I intend to assign but these are Bank owned and the Realtor told me the bank wants to see proof of funding and a letter of intent.
Bob
I finally got a proof of funding letter from a company called Coastal Funding.They do double closings in all 50 states.
He's what the letter states:
To Whom It May Concern:
This letter is to confirm a positive working relationship between Coatal Funding LLC and Bob Schallmo. Within the guidelines, Coastal Funding LLC will provide Bob Schallmo with the amount of funds needed (private money), to purchase real estate. Bob Schallmo has been pre-qualified for a quick cash closing.
The only thing that concerns me is where it says "has been pre-qualified". Won't the bank ask for a pre-approval?
Here's the contact information on this Company.
Go to www.Coastal-Funding .com
1-800-262-6035
Ask to speak with Eric Green
A special thanks goes out to Sissy!
Bob
It does NOT matter if you plan on ASSIGNING or NOT, you STILL NEED the "PRE-APPROVAL LETTER" or "PROOF OF FUNDS", If your the one making the offer then you ABSOLUTLEY NEED ONE OF THE TWO, when dealing with REO's, not sure where you got your info, but it's wrong, SULLY
YOUR HERO, SULLY
That is correct, the bank is definitley going to STILL want the "PRE-APPROVAL" Letter, the Letter that you have(PRE-QUAL) means next to NOTHING(to the bank at least) it just means that, you meet certain standards or criteria for a loan with that Lender, see you still have to fill out ALL the paperwork that comes with the loan and theirs still a 50-50 chance that they could decline you Application, with a PRE-APPROVAL you fill out most of the paperwork ahead of time, so your APPROVED, now its just a matter of finding your subject property, SULLY
YOUR HERO, SULLY
A hard money or private lender might give you the proof of funds letter. I believe Sissy had some information from another guy that would provide the letter and even fund it (for a fee) as long as YOU have an end buyer.
Psalms 118:23 "This is the LORD's doing; it is marvelous in our eyes."
This letter is confusing to me. It says they will provide me with the amount of funds needed (private money), to purchase real estate, and then says the I have been pre-qualified.
Help me understand what this letter will provide for me.
Thanks, Bob
Bob, At this point i would contact someone at the Bank and find out what their trying to tell you, cause it is weird, their telling you 2 different things. Bob, you know, they might just be stating what they'll do for you, then they're telling you the "STATUS" of your Application, at least thats what it sounds like to me, SULLY
YOUR HERO, SULLY