Need immediate preaproval!!!

In need of preaproval within 72 hours for SFH in Kenosha Wisconsin 85k asking price appraised at 120k as of 2008.

2008 Appraisals don’t mean much today

What kind of financing are you looking for traditional or hard money?

I’m looking for a loan that will allow me to defer payments for 3 months , an also with out a downpayment.

bii,

then you do not need a pre-approval letter. if you can’t put some money into the deal NO ONE is going to finance you. especially based ona 2008 appraisal. i would suggest backing up a bit start saving some money and then jump into a deal because right now there is no money available for the scenario you presented.

lol , Well thank you for your input Bill. I’ll take that in consecution after closing this deal in 2 weeks.

I don’t see why people would actually want to buy something without having money

You need to make sure you have reserve and repair funds at least .

If you do have the funds , but just want to get the whole thing financed that is another story.

Is this an investment or are you planning to live there?

This is an investment property in kenosha wi, an the seller offerd financing, because he’s trying to cut he’s losses and its been on the market over 6 months. An i’m planning on selling the contract for about 10,000 fyi. So a recap, only putting $10 for the opinion to buy n sell opinion within 2 weeks an pocket $10,000.

If that is your plan what do you need a pre-approval letter for?

IAm wondering the same thing here why is the letter needed ?

And iam i think the king of getting into some real creative deals

But this sounds like the buyer is not telling all here ?

Who needs this letter the bank the seller ?

if he really is just looking to cut and run why not do some kind of a sub2 on this ?

It is probably more wishful thinking than anything. If the seller has had this house on the market for 6 months at 70% of appraised value and could not sell it; what makes the OP think that he will be able to move it for 10K more than what anyone could get it for by going directly to the seller? The other thing is that the OP was asking for a loan that gave him 3 months of no payments, but now is saying he can move the property in 2 weeks? You can’t even get an appraisal done in 2 weeks right now.

YOU are right about this to get a apprasial done is at least 3 weeks

but more like a 4 to 6 week thing

The market now is such that money is hard to come by and the hoops are small and more of them

As well if the sellers are not willing to give a bit more then there sale is not going to happen fast any way

Then if you add any other problems in the mix like behind in payments it just gets that much more of a mess and a problem to sell

That’s not true you can get an appraisal within 2 weeks here i kenosha wi. You just need to know how to ask. And I really don’t need the pre approval for this deal anymore but I would still like to have it just in case I find another property.

bii,

We are not trying to bring you down, we are just trying to point out the obvious in the hopes that it will keep you from making a huge mistake.

For example…how are you going to sell a property in two weeks that the current seller has been unable to move in six months? Especially when you are raising the price by over 10%. If you can’t get the deal done in two weeks how are you going to make the payment on the house on May 1st when you clearly stated you do not have money for a down payment and needed a three month window to move the house. Lastly, you are basing this deal on last years value. What if the value has dropped since 2008(which it most likely has)?

YOU are right chris as all most all properties have droped from last year !

So more then others but all have droped something

And if you do not have a current apprasial in place no one is going to buy the property based on a out dated apprasial

If they will i have some ocean front property in good ole AZ for sale cheap

This would be like saying i will buy your business based on what you say it makes and then when i say show me P & L S you do not and say it makes money

In this market we all need to watch every move we make and make very sure we have good and current information on every part of our deals

And the days of buying with out any money of your own in the game are done for a while may be for good !!

Any one getting in the game now needs to have some money to put in the game

This would even be if you were buying sub2 you need to pay for some things with it to

This would be unless you have the best seller in the world and says just take it and i will pay you what ever i have to just to make it go away

And i have read some posts around that say they have had people do this but it is one of the hard to see things for me

Sorry for the long rant but YOU NEED SOME MONEY IN THE GAME NOW DAYS !!!

Boy I’m glad I didn’t start here lol. I know exactly what I am doing and how to do it without using a cent!!! Oh and buy the way this property is worth the exta 10% if you can sell for over 150k in that neighborhood, I checked it out homes are going there for at least 130k-150k easy because I found the 1 of the worst houses in 1 of the best neighborhoods. Because that’s what I learn’d to do find deals and and pass on some of the profits. To me the deal’s only as hard as you let it became.

OKAY lots of luck on things

I must say that you sound like a tv informiceral grad

I learned all i know being in the real estate working world for over 12 years and have never taken a one class telling me how to do something like real estate that is best learned by doing and speaking with people who do it every day

Like most of the posters on this form are every day doing the deals and knowing what is going on now as they are there

AS I SAID LOTS OF LUCK AND PLS DO KEEP US ALL POSTED AS TO THE OUT COME

I will. An l took a few classes, but your right the best is experience.

bii,

What I still don’t understand is how you are going to sell a house for 10K more than it has been on the market for? For SIX MONTHS!!! The other thing I don’t understand is if you are so successful at doing this and know what you are doing how do you not have money for a down payment and carrying costs, and how have you not formed relationships with local people in the real estate business so that you don’t have to go trolling on the web for pre-approval letters and loans that don’t require payments for three months nor a down payment. It sounds as if you are offended by the fact that people on this website are questioning your abilities and we are not. We are questioning this deal because I live in Texas and I can tell you it smells bad all the way down here.

Lets see… a seller has had a property that is worth between 130k-150k (it was worth 120k last year and has now appreciated 10-20%) and has not been able to sell it for 6 months at 85k and now you are going to swoop in and pick it up for a $10 option fee and somehow find a buyer in 2 weeks that is going to pay 95k for it? I wish you the best of luck. As I said we are not questioning your skill only the deal. I hope it works out for you. Please keep us posted.

I’m selling my contract witch is an opinion to buy agreement for 3k- 7k. Not the property. The reason for the preapproval is to insure the buy that he’s property is going to be sold, I’m using an opinion because in this deal if I have any problems I can either sell the contract and walk away an everybody get’s what they want. Of I can just walk away from the deal if need be without having to put a downpayment down but only $10 outta my own pocket. I’m not lie’n or try to cheat anyone either. I tell every party upfront of my intentions and if they except everybody wins. Insted of the what’s in it for me mentality?, I strongly believe In the how can I help you?