Hello to all… I am new to the site but already I LOVE it!!! There is so much information here! I have already learned alot! But here is my problem:
I have a property that i can get under contract for probably 40-50% below FMV
It needs alot of rehab but in the end it will be a great property. Unfortunatly it is a bank owned property and the bank is requiring proof of funds or pre-qualification letter.
My question is, is there any way i can put it under contract without that, like to push off the proof of funds to a later date
I work with a network of 232 investors and most are cash buyers. but i need to have the property under contract to be able to shop the deal to my investor network.
Is there any way to do this?? How can i prove the cash funds of my investors?? :banghead
If anyone can help or has some advice for me it would be greatly appreciated!! Thanks to all
Your going to have to submit a POF letter b/c most banks will not even consider an offer unless it has a POF and EMD. I would either ask one of your investors for a POF or use coastal-funding. com. You can fill one out on there website and print it out right there. But I have heard that banks are starting to not except POFs from Coastal. Don’t know if this is true or not.
A pre-qualification letter or form is fine, it comes from your local mortgage lender or broker and as you say in your post is exceptable.
Just substitute a cash closing in escrow.
GR