Whne calling in regards to REO’s some ask if i’ve been Pre-Quailified. Since I plan on whlosailing these properties whats the best way to handle this?
Talk to a lender, get prequalified and get a prequalification letter that you can send.
But on some of these properties I might not be able to Qualify for. Then what?
Are you sure you want to commit yourself (and the Buyer) to a closing in which you can’t close yourself?
What are you getting to?
I don’t quite get what you are saying.
That’s the point of being prequalified. You can’t buy it, you don’t make an offer on it. The first step in buying is to work with a lender so they can tell you how much the house will cost and if you can afford it. If you want to use private funds, you still can, but banks want to see that you can actually buy the house.
It hurts the seller and wastes time to put an offer on a house you can’t buy.
You may have to find a lender that passes out preapproval letters like they’re candy. The problem is the loan officer is putting their reputation on the line.
A few months ago one of my loan officers told me he had two or three deals go bad. He said that there are two or three Realtors who will not accept offers with his preapproval letter. He’s basically Blackballed. Now he is much more strict on passing out preapproval letters. Another example is my brother-in-law who is selling his house. My brother-in-law had the only bid on his house fall through because of financing. Now he wants to cancel the agreement with his Realtor (even though the Realtor isn’t at fault). So if you are going to get a preapproval letter that you can’t qualify for then you will need to make sure you can get the job done, or you’ll piss a lot of people off.
Go to your Mortgage Broker. Who is your Mortgage Broker ? You should have one on your team. How many people are on your team. Don’t say …1…either. You need bird dogs, buyers, Realtors, Mentors, breath mints, Mortgage Brokers , Title co’s, LLC’s , lawyer, accountant, some one who believes you can do it,Repairmen, Confidant’. and more…
You also need to find out how these people do their jobs, it will come in handy.
Read more books on all the subjects that interest you in RE. Borders for free afternoon reading or amazone.com for cheap RE books.
Keep working at it and I hope to see you succeed soon ! Darin
Hi GOD WNZ
Actually, I have more than one, much more than one plus most of the others. I’m of to a pretty good start. I like to soak-up as much info as I can from you seasoned pros. I also ask some questions to verify and re-verify that I have the correct answer. So, thanks to you all for your advise!
I know Dee means well, But don’t fall for this. I think what was meant to be said is , " if you are not able to find a buyer for the property you are about to put under contract, then don’t make an offer on it." Double close, wholesale/assign deals do not require you to qualify to purchase. In truth you are not purchasing anything, so you do not have to qualify. Sure it helps as a back up plan to qualify. But not rquired. When Realtors have their Realtor hats on then they like to see everybody play by conventional & traditional rules, they have sellers to protect as they should.Don’t lead them down a path that doesn’t help their sellers or buyers.
What Dee posted really threw me for a loop. :biggrin
It’ okay though :beer