OfflineI have a real estate agent on Long Island , N.Y. that is asking me for a proof of funds letter. How do I get around this obstacle, I don't have a job and my account is not good.
I sent out letters to agents and this one replied, I don't want to blow this opportunity.
Please help !!
Gary
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The only thing my agent wants me to do is get an inspection by Thursday, that seems like not enough time . Aren't you allowed a clause in the contract for approval of partner and 30 day inspection ? I haven't even got a buyer lined up yet.
positive thoughts reap positive results_______
Gary
Gary, what contract are you using? Local or state Realtors Association, State Bar Association?
There should be a provision for inspection in any contracts with a licensed realtor, either specified in the contract or as an addendum. For instance, the California Assoc of Realtors contract specifies a 17 day inspection period, with an optional time period if seller and buyer agree.
Congrats Gary!
Nice move - taking action - way to go!
- think about what if? - and what is possible rather what is not
- Kevin
You can Join my Buyers list: http://www.townlineproperties.com
Massachusetts inspection period is on the state Offer form, but amount of time is a blank line. I usually have my real estate agent write in 14 days. I don't always get it though. the worst I had was a counter offer on a bank owned property where they ask for 3 days inspection period.
- think about what if? - and what is possible rather what is not
- Kevin
You can Join my Buyers list: http://www.townlineproperties.com
It seems that (I don't know every state ) that if it's an estate sale , there is no contingency for inspection time ,..maybe 3-4 days before contract is signed. I don't want to pay for an inspection and then find out the house has major work needed, then I'm out of $300 and no house.
The real state that is listing the house is known to drive prices up with false out bidding, very tough to deal with.
Oh well ,I guess I just have to find a buyer fast that is willing to take on that risk.
______ I'm in it to win it____
Gary
http://www.nyrei.com/courses/Contracts-Closing.htm
Hi Gary,
Congrats on moving forward with this deal, I guess you can get at 21 days for the inspection period.
How much money are you putting down to hold the property.
Bimal
New Jersey
Wish Everybody a great success in their Real Estate Business
Congrats Gary on moving on this potential deal! As others have posted, the inspection period can vary by state, although 7-10 days is fairly standard in the deals I've worked on.
Keep us posted and let us know if you have questions.
- Tom
I used Velocitycapitolfunding for a proof of funds letter yesterday and it worked great.
The seller is a Trustee looking over a deceased persons property. I bid 90K on her house and she informed me they had a better offer. I asked how much wud my offer have to be to get this house, She replied 120K I told her I could do that. I emailed her my contract and she wanted to know why I didnt include a POF letter.
I sent that, then she wanted to know why Contract stated, or assigns and she wasn't comfortable with that, and why I needed an inspection period of 21 days. She asked if I come to inspect it can I remove that clause. I told her after I inspect it, my partners might want to inspect it and my cash lender might want to inspect it, my photos might be enuf, but to remove the inspection clause was unreasonable.
Then I told her I buy houses, that's what I do, I'm not here to screw around. If you want to make these unreasonable demands then I'm not your guy.
At 120K it's doubtful I can make any money, so I can afford to be abrupt.
Rando