I am putting in a cash offer on my first REO property. The cash is from a new signature line of credit and they said it would take 4-6 days for the cash to show up in our bank account.
We have to put the offer in by Monday, so does anyone know if the REO Bank will accept a lettter showing our line of credit, or must the money already be in our bank account?
Do banks accept offers in Land Trusts?
Don’t know the answer to your questions. But you could get a proof of funds letter from a hard money lender. It should buy you time till your $ come into your LOC.
My first question is why are you puttinng in a CASH offer.
You can use anyones money as Proof of Funds it doesn’t have to be yours.
Do you have to put doen a certain percentage of cash to get into this property.
Is the REO bank financing you?
Why don;t you just show the proof of fund and go 100% financing. The lender that you are cashing out does not care what type of loan you are putting on the property or whose money you are using, it all looks the same to them.
You can tell them that you are put 50k doen and coem to closing with none (100% financed) and they will close.
Do Banks offer land trusts? I am not sure what you are asking. Are you saying that you want to purchase the property with a land trust you alread have in place or putting the property in the land trust at closing?