Tying up Reo's

Bird Dogs, Wholesaling
1

How succeseful has anyone been with banks accepting offers on their reo’s without having proof of funds. Is this a requirement for all banks?

I am curious because a lot of reo’s that I see listed on say realtor.com the listing agent states proof of funds required.

Would it be better to submit an offer directly to the bank?

Thanks

2

99% of the banks will require proof of funds or a pre-qual letter with your offer.

You can get a letter from a hard money lender if you ask around.

Almost all of the REOs are listed on the mls, so you will need to make your offers through a realtor.

Steph :cool

3

It’s quite simple to get a Proof of funds letter.

If you have a wealthy relative, ask them if they
can provide you with a POF letter, of course with
the first few numbers of the account blotted out.

Or as Steph said, ask a HML for one.

There’s a ton out there!

4

I’m an LO and I use my companies PreApproval for my deals. Usually I end up paying cash from an Investor I just don’t have it personally :biggrin don’t let that hinder your goals.

5

You’ll need POF for REO deals. You can get one from coastal-funding.com