Posted by Christie on May 25, 2006 at 21:53:24:
I understand the importance. I’m just frustrated at the push constantly. I hate pushing my bank.
Guess it’s just all part of the deal.
Thank you for your response.
Why Bank Letters of Verification - Posted by Christie
Posted by Christie on May 24, 2006 at 23:16:16:
I’m in the middle of working a commercial deal. This is my first so maybe there is something that I don’t understand.
Why are these letters from the banks so important. I built it into my agreement that I would get it to them in 21 days. Instead, the realtor is pushing for me to get a bank letter to them asap. I want to preserve my bank relationship before I make a ton of money, therefore I don’t want to push them to move at an uncomfortable rate. Y
Maybe there is a difference in the type of letters needed in the beginning?
Thoughts appreciated.
Re: Why Bank Letters of Verification - Posted by Patrick S. Lawson
Posted by Patrick S. Lawson on May 25, 2006 at 11:21:53:
They want to know that you are approved for financing so that they do not have the property off the market for not.
The drawback to local banks is the loan must go to committee and these committees usually only meet once a week, so the approval process is kind of slow.
Your purchase contract should stipulate the amount of time you have to provide a letter.