OfflineI can't believe that I'm actually going through the steps here. I have a Realtor who has been sending me listings of the properties that I specify.
I finally got the nerve to send her offers on 30 of those houses. However, she emailed me back stating that she wants to meet with me to discuss offers and to get my financial information. GULP!
At this point, I don't know what to do. I am broke and obviously don't have any funds and can't even qualify for a loan. She does not know this. I am trying to figure out the best way to go about this. I m nervous.
Should I go ahead and meet with her and get a Proof of Funds letter from a transactional funding co? Any suggestions DG family on how to continue with this? Thanks everyone.
P.S.- I understand that some things I'll just have to go through and experience for myself. However, if anyone has any tips that would be of help, I'd appreciate that.
Please let me know ASAP
Thanks.
Well, basically in order for an offer to be submitted from the sellers bank they would require a pre-approval letter from a bank or mortgage broker. You would have to show proof of income, credit score, banking information etc...in order to get a pre-approval letter from the bank/mortgage brokers.
why don't you just use the trans. funding. Does the agent know you are an investor and may be assigning, or flipping, or whatever. They need to know that, because it makes a difference. I work with 2 agents and have never had to show POF yet.
I believe for an REO you do. My one agent showed me an REO and said on that one she would need the POF, but didn't on the foreclosures or the one that was owner occupied.
So what kind of properties are you putting offers on.
But do tell them up front. They do not need to know you are broke, but need to know you would like to assign. My exit on the contracts are that I need to get funding by a certain date, or assign. But as I said, on the REOs she needed POF with the offer.
Sandi
to have a plan...
this link on transactional funding may be useful...
http://www.deangraziosi.com/real-estate-forums/buying-foreclosures-reos-...
wishing you great success
valerie
Valerie
“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss
"I believe in angels, the kind that heaven sends; I am surrounded by angels, but I call them friends" - Unknown
My journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/59110/...
Hello Sandi. And thanks so much for the feedback. Yes, the Realtor already knows that I am an investor and that I would mainly be assigning/flipping. I mentioned to her that I would be making multiple offers as well. I always tell the RE Agents upfront in the beginning what it is I do.
I don't know, maybe she got suspicious. Maybe it was the way I submitted the offers to her. Who knows. I sent her 30 offers and asked her to submit my offers 30%-50% below listing prices. They were cheap homes that needed work.
But, I did get a POF letter from coastal-funding.com. I just need to email it to her.
Hey Sandi, can you explain in detail the exit you mentioned above that you put in your contracts?
Thanks so much for your help everyone.