Ok guys & gals, quick questions. Say you are interested in a home for ss/double close. (two weeks from auction) The property has never been listed and is in great condition, so you cannot play the not marketable card. What is the best way to approach the mortgage co to stop the auction? In addition, do yall (yes I am from Texas) think they would require a proof of funds if they did stop it? If so, how would you get around it, if funds were not available & credit not the greatest.
anyone ???
If you can’t get funding why do you want it? Are you trying to do a double close? Typically the bank will want just a purchase agreement to cancel it but usually some sort of proof of funds too. Perhaps ask the bank what they need and if they need proof of funds try and find an investor to refer it to for the next two weeks, and then have the new investor/buyer give proof of funds.
Chase
Yes sir it is for a double close. Do you think the fact that it has never been listed will hurt my chance of stopping the sale?I already have 2 qualified potential buyers (retail). If I assign the contract, I will lose out on some cash. Also, what would be deemed acceptable proof of funds? It might be possible to get a promissory note from a friend for this. Do you believe this would fly?
As far as it not being listed, that wouldn’t be a concern(with most banks). As far as being worried about not making a profit, at this point, you should worry about making some money even if it isn’t much.
Are you referring the deal to an investor? If so, instead of worrying about a double close, just try to get them to give you a $1k or $2k birddog fee and forget the double close. At this point, making that much is better than losing the whole deal!