Cash Contracts and Source of Funds Letter - Posted by Al Myers

import · May 7, 1999, 7:22pm

Posted by PBoone on May 07, 1999 at 21:47:35:

Find a local mortgage broker that deals in hard money. Discuss with them your goals and have them write up a letter on thier head.
Pat

import · May 7, 1999, 7:22pm

Posted by Al Myers on May 07, 1999 at 19:22:46:

I have a question regarding what some Banks are doing when you submit an all cash offer. They sometimes now require a source of funds letter.

I’m just an occasional flipper and don’t have 40 or 50K in the bank to show them.

Anybody found a solution for this?

Thanks,

Al

import · May 7, 1999, 10:35pm

Re: Cash Contracts and Source of Funds Letter - Posted by tarun_md

Posted by tarun_md on May 07, 1999 at 22:35:46:

If you get a prequal letter from a mtg broker, your all cash offer won’t make sense anymore. You offer will have to be contingent upon financing.