Buyers Prequalification letter

Foreclosures, Short Sales, Tax Foreclosures
1

As you know, one of the items needed in a shortsale is the buyers prequalification letter.

Is there an alternative way of getting this if you are not a good candidate for a traditional mortgage?? Private lender, perhaps? And,
Will he charge points before I even get the prequal letter(Id imagine not)?

Thanks everyone,

Gregg

2

You should be able to get a prequalification from a hard money lender. They all have some sort of criteria for qualifiying and it is usually not tied to your credit score. If a hard money lender asks for a fee to prequalify you, look somewhere else, there are lots out there.

3

I’ve been dealing with this exact issue for the past two days and finally came across something that looks promising. Just keep in mind that you don’t have to use that particular lender or hml, you just need to get pre-approved. You probably will have to do quite a bit of calling around though due to the fact that some lenders have different criteria than others. Hope this helps.

4

Check this site to find a listing of hard money lenders. Like others have said, getting a pre-qual letter should be easy to do. It can typically happen in 1 day!