I recieved the workout packet from the bank and their asking me for a pre-approval letter from a lender. I presented myself to them as the buyer. So do I have to provide a pre-approval letter from my buyer and if so wouldn’t this confuse them on who the buyer is. They are also asking for the listing agreement, yet the homeowner never listed the property. Do I just explain this in the packet as to why this information is missing. I appreciate any help that can be provided. Thank you in advance.
Per your other post, find a hard money lender for a pre-approval letter. Since there is no listing agreement, all you need to do is let them know it was never listed.
Thank you, sorry for posting twice. Just one more question, when presenting the pre-approval letter to the bank, should I get the letter to reflect the amount that I am offering, a little more to give some room, or does it matter at all. Thank you in advance for the help.
Ideally the pre-approval doesn’t indicate an amount. The hard money pre-approval I use from my lender states “We lend 100% of the purchase price (no pre-determined minimum or maximum amount)” Hopefully the hard money lender you use will do the same.
Once again, thank you. This has helped me out a lot.