OfflineI came across two pieces of property owned by the banks and I really liked them both. The banks were asking about half of the comps in the area and I thought I could make a quick flip here if I tried the 75% rule that I learnt somewhere(never offer anything more than 75% of the asking price). One of the homes needed no repairs.
The problem is the real estate agents are asking if i had been pre-approved or are working on the pre-approval? IS THERE A WAY GO AROUND PRE-APPROVAL condition if I wanted to use a No Money Down strategy?
Thanks for your inputs.
E
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When dealing with the bank on an REO the want a guarantee and in writing that you have a way to pay for this property, hence the Pre-APPROVAL letter from your lender.
They will oblige you with the extended 30-90 escrow but when it come to the actual offer the will usually not accept it without the pre-approval, (not pre-qualification letter)
Anita
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TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
or you could do an all cash offer, in which you would have to supply bank statments showing the funds are there.
your prob like....how the hell can I get xxx amount of cash. Hard money lenders or partner investors. Someone who you know will a lot of cash...say I'll give you 7% (cant get that at in your bank account!)on your money plus a 20-30% piece of the profit.
D
Don't Wish the Past, Create the Future! - DH
shot at all on doing a RE-ASSIGN in E's case, in reality you'll need a pre approval letter no matter if you plan on getting a mortgage on the property or you plan on RE-ASSIGNING to another investor, thats annoying,YOUR HERO,SULLY.
YOUR HERO, SULLY
look @ other options for you E...SULLY
YOUR HERO, SULLY
If you are looking at wholesaling the properties most likely the banks will not like "and/or assigns". What you can do is find the buyer first (a great idea even if you don't have properties right now).
After or while finding the buyer you can set up an LLC. Use the LLC to make the offer on the house in accordance to what the actual buyer, not you, can afford and in the terms they can handle - most likely the buyer has a pre-qualification or proof of funds.
The LLC will be set up with you and the buyer as partners with an operation agreement that states they, the buyer, will get the loan for the property. After the house is purchased the operation agreement will state that the buyer will pay you off. Tah Dah - assignment of contract without using the words assignment of contract or and or assigns.
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125
you better believe I just took notes. :')
After or while finding the buyer you can set up an LLC. Use the LLC to make the offer on the house in accordance to what the actual buyer, not you, can afford and in the terms they can handle - most likely the buyer has a pre-qualification or proof of funds.
The LLC will be set up with you and the buyer as partners with an operation agreement that states they, the buyer, will get the loan for the property. After the house is purchased the operation agreement will state that the buyer will pay you off. Tah Dah - assignment of contract without using the words assignment of contract or and or assigns.
Anita
******************************************
TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
After or while finding the buyer you can set up an LLC. Use the LLC to make the offer on the house in accordance to what the actual buyer, not you, can afford and in the terms they can handle - most likely the buyer has a pre-qualification or proof of funds.
The LLC will be set up with you and the buyer as partners with an operation agreement that states they, the buyer, will get the loan for the property. After the house is purchased the operation agreement will state that the buyer will pay you off. Tah Dah - assignment of contract without using the words assignment of contract or and or assigns.
What happens when the bank asks for an LSR from your LLC's lender?
sounds cool, but also hard to do.
D
Don't Wish the Past, Create the Future! - DH