When talking to a REO realtor... - Posted by Joe (Oh)

Real Estate Investing
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Posted by cl2 on October 22, 2003 at 13:19:40:

Wow…good question with good answers…I love this site!

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When talking to a REO realtor… - Posted by Joe (Oh)

Posted by Joe (Oh) on October 22, 2003 at 11:38:40:

I wanted to know if I told the realtor I was new as a RE investor, and I’m going to use hard money lenders to buy property cause I have virtually none for myself, would that scare off a realtor who deals with fixer-up REO’s? and if that would, how can I tell them without lying to them or forging proof of fund notes or whatever so that they will work with me, or just some will and some won’t apply here?

Thanx

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Re: When talking to a REO realtor… - Posted by rm

Posted by rm on October 22, 2003 at 19:54:12:

and I’m going to use hard money lenders to buy property cause I have virtually none for myself>>

The realtor doesn’t have to know how much money you personally do or do not have.

And don’t use the term “hard money” with them, either.

Get a proof of funds letter from your HML and simply provide it with your offer.

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Re: When talking to a REO realtor… - Posted by jasonrei

Posted by jasonrei on October 22, 2003 at 17:17:31:

I wouldn’t recommed lying or forging. If you get called on it don’t expect to do business with that agent for a while.

I submit pre-approval letters from my HML on occassion, but I also include a proof-of-funds from my banker, and I say that if my HML doesn’t come through by the closing date, I will pay cash. Get a pre-approval letter from your HML.

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Re: When talking to a REO realtor… - Posted by Sean

Posted by Sean on October 22, 2003 at 12:13:50:

Call up your hard money guy and get them to write you an POF/SOF letter. Give it to the realtor with your offer… that’s what we did in our early days… and we still do today when we are offering and agent wants SOF/POF on a junker.

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Re: When talking to a REO realtor… - Posted by Randy (SD)

Posted by Randy (SD) on October 22, 2003 at 11:59:20:

I think you are going to find that MOST realtors will not take you seriously, unless you can provide ?Proof of Funds? (a letter of loan commitment). They generally don?t care where the money actually comes from if you can prove you have a source acceptable to them.