OfflineI have a deal That I know I can do an A-B then a B-C with. This is a quick deal and we are only going to make about 2000.00 with after expenses.
Problem I am having.
The realtor wants the proof of funds from me I have a HML with the approval of up to 150,000.00 The realtor is saying its not acceptable and wants me to qualify through Bank of America. AND HE IS SET in his ways.
Problem with that is I have bad credit. It took me a week to convince My HML to put up the funds. Now I have done every thing that needs to be done I even thought about letting my buyer go around me to the primary seller and getting a bird dog fee.
What to do? What to do? What to do? AHHH !!! This is frustrating !
When Life comes down to push and shove.. Its time for a 1 Ton truck.
- The Belt Group -
there are some REO's that Bank of America insists you are approved through them, no matter whether they are your lender or not. it is usually in the MLS listing that you have to pre-qualify with them first, no matter what. BOA is known for doing this. it's probably not the realtor that wants you to do it; most likely it's BOA and they won't let you do the deal without their pre-approval. it's a shameless way to get business on their part, but you probably do not have a choice. you might check with a real estate attorney to make sure, see if you have any options.
Linda, Army EOD Mom
you can follow my journal at http://www.deangraziosi.com/real-estate-forums/investing-journals/45351/...
IT'S ALL GOOD AND EVERYTHING IS WORKING OUT PERFECTLY FOR ME!
Fear equals:
False
Evidence
Appearing
Real
http://www.coastal-funding.com/
you can have the proof of funds sent to your email...and print it out...you don't have to use them
~TAKE ACTION AND THINGS WILL HAPPEN~
***Something to Believe In***
"If you want something, GO GET IT...PERIOD" Will Smith
***"I CAN'T IS NOT A EXCUSE...IT JUST MEANS YOU WON'T"***
"Obstacles are those frightful things you see when you take your eyes off your goal" Henry Ford
~"Success doesn't come to you...You go to it" Marva Collins~
Wells Fargo is the same way
Its not so much that you have to use them, but they have to know you actually qualify for the home.
Afterwards, you can use any home you so chose but they want to make sure you're not wasting their time. So basically, you either do it or move on.
you can have the proof of funds sent to your email...and print it out...you don't have to use them
marc thanks any way I all ready use coastal-funding I got that from the book so I started there.
BUT !
I think I found a work around. Did You Know : that when a bank or a lender does a credit check on you it goes against your credit ( Of Course You Did ) If your all ready approved through another lender the bank can not require you to qualify through them. It breaks so many different federal laws.
Example:
You go to XYZ company to get approved to buy a home. but the home is listed with Free homes LLC and the bank that owns the home for sale says Must be approved by ABC bank and thrust! Its against 4 different laws I found today. ( Pats self on back ) 2 of which are anti trust laws ..... XYZ can sue ABC bank
You Dont have to apply with another bank if your qualified with another !!!! ie... HML PML Deans first child.
And now I think my head is going to explode.... time for a nap !
When Life comes down to push and shove.. Its time for a 1 Ton truck.
- The Belt Group -
Hi,
Great information.
So, can you qualify through another lender?
Angela
you can have the proof of funds sent to your email...and print it out...you don't have to use them
marc thanks any way I all ready use coastal-funding I got that from the book so I started there.
BUT !
I think I found a work around. Did You Know : that when a bank or a lender does a credit check on you it goes against your credit ( Of Course You Did ) If your all ready approved through another lender the bank can not require you to qualify through them. It breaks so many different federal laws.
Example:
You go to XYZ company to get approved to buy a home. but the home is listed with Free homes LLC and the bank that owns the home for sale says Must be approved by ABC bank and thrust! Its against 4 different laws I found today. ( Pats self on back ) 2 of which are anti trust laws ..... XYZ can sue ABC bank
You Dont have to apply with another bank if your qualified with another !!!! ie... HML PML Deans first child.
And now I think my head is going to explode.... time for a nap !
the law doesn't state that you have to buy the house either
You go to BOA and get pre-qual'd
The house is owned by Wells, which states for you to put in a bid you have to be qualified by them
You honestly are going to waste the time to sue them???
Your choices plain and simple are:
1. You get pre-qual'd by Wells Fargo. You can then use them or still work with BOA
2. You move on and don't try and buy a house owned by Wells Fargo
Not trying to burst your bubble but if you tell that to an agent or banker, they'll look at you as if you just ate your own boogers.
My point here was that No Agent or Banker can force you to qualify through them.
Now I dont see where it says I would sue BOA But what I was referring to was If XYZ bank wanted to be bullheaded they could sue BOA not me I dont have the time or the money to play a game like that over a rehab.
What I was trying to create here was help on finding away around it. Instaed I found a way for my HML. if he wants to create a fuss.
My sources HUD,FTC and the library of congress ( under mortgage loans Just search for it )
Cool thing is I might have found another house across the street from the BOA house
talk about Karma ! I was trying to pick up a penny and found a diamond !
elix:
That was the look that My wife and I gave the real estate agent !
I thought I would just share my findings. I had all ready moved on. But thanks for your input.
When Life comes down to push and shove.. Its time for a 1 Ton truck.
- The Belt Group -