Pre-Qual Letter

Hi Ted,

I have actually just run into the exact same thing. I have 3 properties that I am itching to get... each one needs a pre-qual letter or POF's. I am stuck and not sure how to get around that. Been researching on here and other locations for answers all day. Let me know if you find out anything... I will do the same!

Good luck to you!
Jen

If you are just looking to get a letter that states you are pre-qualified, go to coastal-funding dot com to print out a Proof of Funds Letter. Costs nothing and I got a deal negotiated and accepted that way. My deal won't go all the way through since I do not have enough to get the down payment for the mortgage, but the letter was not a concern for anyone involved. And this house was a bank-owned REO in RI.

Best of luck!

Kristin

Thanks for your input Kristin...Much appreciated! I had heard that you can also get a letter fairly easy if you are using a hard money lender...I will try Coastal Funding! Thanks again!

Ted

I've used the Coastal-Funding letter also, and it works. The banks just want to see it or such a letter; very very seldom do they ever actually call.

You can also search for Proof of Funding letters in any search engine. You will find a whole host of places that will provide such a letter at not cost. However, be warned, a couple of the sites use the information provided to send competing bids themselves. So if the letter isn't immediately provided to you via e-mail, pass them up.

Good luck investing everyone.

Hey Guys I'm in the Success Academy and while I'm not 100% sure I don't think you can assign REO's. Maybe its just here but from my understanding the banks don't want to deal with any 3rd parties. But you can double close ( buy and sell the home in the same day) Like I said I'm not 100% sure so make sure you find out before you proceed.

I am working with two banks at this time. we are getting very close to were I can wholesale their property. We are still working on the days. they want to give me 30 and I want 60.

Randy

Thanks LonestarGumby, Hines Entp. and Randy428! Really appreciate your help and feedback...

That was kind of my next question, "Is it possible to assign an REO?" I'm guessing it is not the norm but if you found a bank that was willing to work with you it might be possible...

I was even reading somewhere that you could add the "and assignees" to the purchase agreement and it would go through...Have not tried this but maybe soon...Hopefully someone with more working knowledge will chime in here...

I know that it is difficult to flip a contract here (CT) because you have to wait 90 days before you can resell the house...Not sure if a double close would work for that reason...Again I'm hoping someone with a little more knowledge will chime in...Maybe the double close is possible if the contract/purchase agreement is worded in a certain way???

I was really hoping to assign the contract with a couple of really good REO's I've found...That way I don't have to use any of my money and hopefully it would be a quicker deal...

Right now I have kind of resigned myself to the fact that I may have to use a Hard Money Lender, Make the purchase, wait the 90 days and sell to another buyer...I'd rather not have to wait the 90 days though...

I also thought of bird-dogging the offer but not sure how to structure it to make sure I get paid for the deal...

If you have any ideas I'm all ears!

Thanks alot DG members!

Ted

I found that Tempo funding was the easier site to generate proof of funds together. Check them out, you can do as many as you need!

I am not familiar with the laws in CT, but typically the banks will not allow an assignment. There are a number of ways to resell or transfer them, you should talk to a local attorney who is familiar with the options in your state. One thing you can do is a double close, you can essentially get the same fee, but will have to pay closing and "transactional" funding costs which you can also finance, so you essentially have a no money down deal and can come out of the deal with some cash.

Thanks cbrindamour...

One of my first calls tomorrow is to a local RE attorney that
was recommended to me...I'm hoping to partner with him and find out just exactly what my options are...

Thanks for the info.!

Ted