I need some URGENT help, when dealing with BANK REO’S you need a PRE-APPROVAL letter. Since, i’m wanting to WHOLESALE these properties what would I say to lenders to get a PRE-APPROVAL letter to make an offer. I won’t be personally taking out a loan. I will be making an offer in the form o an LLC and then when the offer is accepted sell the LLC to the other investor for my price and then the other investor will close because, he’ll be the rightful owner of the LLC.
My dilemma: HOW DO I GET THE PRE-APPROVAL LETTER TO MAKE THE OFFER, I HAVE BAD CREDIT & NO CASH!!!
If you have a family member with a large bank account you can send a statement of theres with there names crossed off, I have sent my bank account statements out for many of my clients, or make friends with a mortgage officer and have them get you a prequalification letter as a favor, or try going to a hard money lender and getting one from them.
These are a couple of ways that I have seen people do to get around the preapproval letter.
[quote author=ericmedem link=topic=28616.msg133574#msg133574 date=1181299487]
If you have a family member with a large bank account you can send a statement of theres with there names crossed off, I have sent my bank account statements out for many of my clients, or make friends with a mortgage officer and have them get you a prequalification letter as a favor, or try going to a hard money lender and getting one from them.
These are a couple of ways that I have seen people do to get around the preapproval letter.
[/quote
Dont have a Family Member with a Huge BA. Eery mortgage broker i speak with says NO WAY when they hear my CS, HML do the same.
What would I tell the MB so he/she will ujndertand what i’m trying to do. Last MB I spoke with said that I would need about 20% or more down to get a Pre-Qual letter and proof of funds from lender to do that I would need to show that I have the 20% down so I’ll have to show Bank Statements. I can’t provide that, cause i dont have that :flush. Got letterhead???
If you are having trouble with reo’s, why not move on to the leads that are being generated from adds in the paper. Motivated sellers = no money down, no credit check,and no proof of funds.
Buy the homes motivated sellers are begging you to take versus the bank who wants to know every detail about you. Your choice …the hard way or the easy way.
Darin
You need to understand the bank’s position. Each Loss Mitigation person has 100’s of cases on their desk. They need to make sure that you can close the deal if they work with you. Since you were planning on assigning the deal to another investor, why don’t you find the investor first? Agree with the investor on what their parameters are for an REO deal and how much you will get paid for delivering them a deal. You may not be able to get as much initially as you were expecting but you will get something and be establishing a relationship with an investor who has funds for more deals that you will come accross.