I am a Virginia realtor and I have noticed that lately almost every listing agent insists buyer/investor be pre-qualified by their lender. How do you get around that? Thanks Toby
many of the banks make you pre-qual through them if its an Reo for that bank,one problem is many of the properties don’t qualify for conventional financing because of the condition,I’ve had a bank ‘prequal’ me without doing anything because when I told them the condition of the property they had no interest in loaning any money against it (and the loan officer won’t make any money doing a pre qual if they can’t actually loan money because of the property…,so they just sent the e-mail and said I had pre-qualified
I just submit offers without prequalifying even though it says you have to. Some agents will let you though and some won’t.
What is your end use for them? How are you going to finance them? If you are going to resell them right away and use transactional funding then whomever you are using should be able to provide a POF letter for you.
Short Sale girl is right. If your exit strategy is to buy then sell. The POF letter is usually for the A to B transaction.