Posted by Jim-AZ on February 13, 2002 at 22:45:42:
Michel,
No, those signs don’t belong to me, but he must be doing VERY well because they are all over town! I’ve seen them so many times and in so many different places that I have his phone number stuck in my head - That’s great marketing!
Help! How Do You Word A Pre-Qualification Letter? - Posted by Jim-AZ
Posted by Jim-AZ on February 12, 2002 at 10:35:06:
Hello All,
I would like to make an offer on a house and the agent wants a pre-qualification letter with the offer. I have a hard money lender lined up (family friend) and between the two of us, neither one of us knows how to properly word a pre-qualification letter. If anyone can give me an idea of how he can word this letter, I would greatly appreciate your advice.
Jim-AZ
Re: Help! How Do You Word A - Posted by Bashir
Posted by Bashir on February 13, 2002 at 15:31:56:
It goes like this:
"After careful consideration, Hard Money Lenders name agrees to lend Your Name purchase money to rehabilitate investment properties. Hard Money Lenders name agrees to lend up to 65%LTV on any home that is under contract. As always, final approval is subject to appraisal.
Hard Money Lenders signature
Hard Money Lenders address
Your signature
The agent is not going to want to see if your lender has the funds or not, but if he/she does it shouldn’t be a problem if your lender has it.
Question for Jim-AZ - Posted by Michel (TX)
Posted by Michel (TX) on February 12, 2002 at 18:31:59:
Jim, where are you in AZ? I’v been thinking about Tucson recently. Any thoughts?
Thanks!
Michel
Re: Help! How Do You Word A Pre-Qualification… - Posted by Steve-DC
Posted by Steve-DC on February 12, 2002 at 12:24:16:
(On company letterhead)
Jim-AZ
Investor
Arizona
RE: Loan Committment
Mr. Jim,
This letter will confirm our conditional committment to loan you up to $1,000,000 for the purchase of investment property in the Arizona area, subject to satisfactory property appraisal and inspection.
Sincerely,
Steve Hittle
Investor
Washington, DC
Re: Question for Jim-AZ - Posted by Jim-AZ
Posted by Jim-AZ on February 12, 2002 at 21:40:06:
Michel,
I just moved here about two months ago from Grand Rapids, MI. It was the best thing I’ve ever done! I love it here. The biggest plus is that weather! Just getting started with REI here, but it seems like a very positive place for investing. I already have one property under contract to flip with a buyer already lined up. I’m loving it here! If you decide to come, give me a shout!
Here’s one I got today - Posted by Chris-Fl
Posted by Chris-Fl on February 12, 2002 at 21:41:14:
(my name was here), hereafter referred to as borrower, has been interviewed by a loan officer of (mortgage company’s name was here.) Based on preliminary information provided at that time, the borrower is hereby considered to be qualified for the following type of loan:
Conventional Loan for $XXXXX.XX@ X.X% for a XXX term.
Upon verification of the accuracy of the information provided and with instructions from the borrower to do so, we shall secure said loan, if available, subject to formal approval by the appropriate agency (FHA,VA OR CONVENTIONAL INVESTOR/LENDER which ever is applicable).
This was it in it’s entirety however the one posted by Steve should suffice…
Chris-Fl
P.S. Any Orlando area rehabbers looking for properties? Contact me.
Re: Help! How Do You Word A Pre-Qualification… - Posted by Jim-AZ
Posted by Jim-AZ on February 12, 2002 at 15:23:34:
Steve,
I had no idea it was that simple! Sometimes you can just overthink something to death! Thank you for your reply.
Jim-AZ
Re: Question for Jim-AZ - Posted by Michel (TX)
Posted by Michel (TX) on February 13, 2002 at 21:25:36:
I guess you’re in Tucson. I was there 2 weeks ago. I saw a few yellow signs " I buy houses". Are they yours? I give myself 2 years before we move there. I just love the area. So dry, that my allergies don’t even kick in. Gook luck. I’ll give you a buzz next time I’m there.
Michel