The Prequalification Statement Requires Before Negotiating An Offer!! - Posted by Rufus Johnson Jr

Posted by David Alexander on February 19, 2000 at 04:22:22:

Since your using a hard money lender, have them write a letter stating your are guaranteed x amount of dollars based on x property.

David Alexander

The Prequalification Statement Requires Before Negotiating An Offer!! - Posted by Rufus Johnson Jr

Posted by Rufus Johnson Jr on February 19, 2000 at 03:04:13:

Please Hang In There With Me. I am a Newbie!!!

I Found A Fannie Mae Foreclosure,(SFH),in my area selling for $47.5(negotiable). The comps in the area is around $76.5K,(after $2.5K repairs). I will locate a Lender, who will finance the deal on value the property.

My Question IS: In order to start negotiating with Fannie Mae, You Have To Be Prequalified. I have Poor Credit and No Down Payment, So I Know this will be a Problem. So, How Do I Get Around The Prequalifications Guidelines to start Negotiations

My Plan is:
(1). Rehab Property, put property on market for sell
(2). Do A L/O
(3). Do A Quick Sell to an Investor for $56K
I will do one of the three above, whichever I can turnover the quickest.

I Will Appreciate Anyone Help and Advice!!!

Rufus_NY