Hey, everyone: I want to wholesale signed contracts to rehabbers. My question: what do I do if a seller wants to know who I am getting a loan from or how I will finance the purchase? I do not intend to take title to the property, just flip it; therefore I do not actually need financing.
I have contacted a mortgage broker who specializes in rehab funding and also a hard money lender in case I actually want to rehab the property myself, but they do not want to give me a “prequalification letter” without actually having a subject property located. I want the seller to have confidence that I can close the deal (when actually I am selling the contract to someone else).
Any suggestions?