OfflineHello,
I am going to make an offer on a REO, but the agent sayes I have to have proof of funds. Does this mean I actually have to have a loan approved or can I just be pre approved with a loan in the works? I am also think of possibly assigning this to an investor and making a profit that way. any suggestions would help out alot
bill
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That simply means a lender writes you a letter saying you are qualified for a loan up to X. Talk to lenders, most will write one for something reasonable since it is nonbinding. Then again, are you trying to make a offer or just see the place? A agent asking for pof on a reo right now just to talk about the dea sounds questionable about how interested they are in selling properties.
You may want to get a realtor of your own involved that is investor friendly (ie: A realtor that actually understands the field in which they are employed).
I understand now, I will get a letter from my morgage broker and it sounds like that will work. do have a realtor to work with and it also sounds like the bank is requesting the POF as part of the offer. But I think I know what to do. Thanks again I will let you know.