I heard Banks ask for proof of funding before they give you a contract. How do i get around this. Cause most people dont have 100k in proof just to assign contracts.
Im trying to get into REO foreclosure houses. do banks ask for POF, if so how do i get around it?
All banks will most certainly require a Pre-Approval Letter From a Lender or Proof of Funds as cash in the bank.
You get around this by getting a Pre-Approval letter from a One Day funding lender.
Places such as Coastal Funding or
www.realestatedayfunding.com by Larry Goins
There are several other people who are now offering Funding for Flip deals. Just look around the search engine.
I use Larry Goins letter but you can use any that qualify as a one day funding lender and their fees are ok with you.
REO contracts are non-assignable but there are ways around it.
Cool, good info as always, let me no if you can think of anything else that i may need before i get into trying to sign a contract, trying to get as much info before i do my first deal. And yes im planning on useing the quit claim move to get around the REO wholesaling , hope it works
if you have problems assigning then double close
Im hearing that you can obtain a POF letter for free just to get your offer excepted, and you dont have to use the source in which you got the POF letter from to finish your deal…Someone please enlighten me on this…
It is true. You can use a flash funders POF and then close with cash.