Posted by Carey_PA on October 10, 2003 at 14:45:26:
Get hooked up w/ a hard money lender and see if they’ll give you a pre-approval. If it’s a good deal, you’ll find the money from SOMEWHERE.
Also, check with the commercial loan department of smaller, local banks.
Good luck.
CAREY
p.s. I am a realtor and an investor…so I know where you are coming from. As an investor I try to get in w/ NO money and as little paper work as possible, but as a realtor I look for pre-approval letters and as much paper work as possible from prospective buyers
I have also posted this to the lending forum. I wonder if hard money is the answer to this problem.
I have found a house (REO) I’d like to make an offer on to wholesale to rehabbers. My problem is that I have not cash or credit (buying my residence this summer tapped me out). The Agent wants a letter of credit or a pre-approval letter. But I am not closing with my cash or credit.
I can make the $1,000 earnest money deposit and I had planned on asking for a 10 day inspection period before closing.
I have read so much about other people doing deals like this. I don’t know of any REO property that isn’t listed with an agent.
Re: Realtor won’t take my offer. - Posted by RE_Newbee
Posted by RE_Newbee on October 13, 2003 at 11:30:10:
I was looking at a REO property and was told the same thing - must get pre-approved. According to the realtor I was speaking with, the agency selling the property required the pre-approval for an investor bit on a property. (This was a property I found on firstpreston.com site).
In most states, it is required by law that ALL written offers be taken to the seller. If this is the case in your state, make the agent aware of this fact and make him/her take it to the seller.
Write in the offer that upon acceptance of the offer, you will then provide proof of financing/cash/whatever…
If as you say the ?Realtor? won?t accept your offer? the earnest money deposit and inspection clause probably won?t satisfy him/her. You still can?t PROVE that YOU can perform. Either get a pre-approval letter from a lender ? or get another Realtor.
