OfflineHello, I have came across a problem which has nothing to do with making a good or bad offer. I am in a situation where I am unable to even make an offer due to qualifications. If someone in my area is not financially qualified to purchase the home they want to put an offer on, their offer will not be submitted. This is not a law, but rather the way the industry works in this area. I tried this program because I was told I didn't need any money or credit of my own. I have no resources to get qualified so as far as this program goes, which cost me 2k for so called "expert advice", I am unable to do this. If anyone has a solution for my problem, I would greatly appreciate it. The advisors don't have an answer.
Thank you
MJ
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When you are working with real estate professionals they want to ensure that this deal has a chance at closing - so having a pre qualification letter is necessary to them. It shows that you have atleast stepped inside a lending institution and attempted to get a loan. This is a very low threshold qualification letter. Basically, if you went to a mortgage broker and asked for a PREQUALIFICATION letter, they would be able to provide this to you at no cost and usually no problems whatsoever.
Now, when making an offer with a realtor you will be using a financing contingency. Inside this contingency it states that you are not PREAPPROVED but you are going to work towards being preapproved, this contingency usually lasts for a 15 day period. If you are unable to be preapproved you will then back out of the contract and get your earnest money back.
That example is when you are using a financing contingency. You could also make cash offers. You can contact transactional funding sources like www.coastal-funding.com that will fund you 100% of the amount you need to do a double closing. They will also provide a proof of funds letter for you.
I hope that this information helps!
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