Trying to make an offer on REO

Bird Dogs, Wholesaling
1

I have a property that I am trying to get under contract that is owned by Countrywide. They have it listed with an agent and require a Countrywide pre-approval just to make an offer.

My question is how can I get around this? I know what they have in it and how long it has been listed for. What will make them come off of this? The selling agent said a letter froviding proof of funds for a cash purchase would work but I can’t provide that.

Any suggestions would be appreciated.

Thanks

2

Really unlikely that you will be able to circumvent the bank’s stipulations on this. They will just sit on the property until someone complies with them.

However, cash purchase doesn’t mean all cash - you could be preapproved from another lender and submit an offer.

3

Normally Countrywide has a stipulation that they have first crack at trying to get you financed, this is easily bypassed. Ask for a No Doc ARV loan, I believe they only do this type of loan for one million and up which will mean they cant help you.

Do you already have financing in place? If your using a private investor or hard money lender usually they can provide you with a proof of funds.

4

You might be able to get a line or letter of credit from another financial institution based on your income and credit score and use that as proof of funds.

You don’t need to use it come close time, but you’ll need to line up other financing if countrywide wont do it.

Good luck,

Craig

5

wh can’t you just use countrywide?

6

Why can’t you get a pre-approval letter from a hard-money lender? Those take about 15 minutes.

7

Thanks for the suggestions. I am not in a position to get pre-approved and I have no intention of holding the property. I already have an investor that wants it and someone who will double close. I just need to find a way to get it under contract.

8

You can get pre-approved by a hard money lender regardless of credit or financial situation. Most REOs require a pre-approval/pre-qualification letter & usually $1,000 earnest money. But hey, if you know it’s a good deal & you’ll make money off of it, I’m sure you’ll find a way to get it done. That’s the hallmark of creative real estate investing!