OfflineOne of my first steps was to find agent willing to work with investors. I received some emails back but to tell the true, they seem to have not much interest. I know that to find agent who is willing work with investor doesn't mean this is a right person. They all like to work in very traditional way. "Show me money and I will find you deals" This is not very encouraging.
I had conversation with one agent today, she wrote in her email she knows what I am trying to do but when I mentioned her about buying properties using options she seems to be confused. She asked me then "are you planning to buy properties"? This made me think if she is really familiar what I want to do.
Anyway, she said that first property I want to see, I need to show her proof of funds, letter approval, etc.
I have no money, credit not so great.
Any suggestions how should I handle this?
Or maybe just go and find other agent.
One more, my first research for property was two days ago where I found property for sale by owner. I gave owner a call, saw property, put numbers together. Property is vacant, owner out of state, trying to sell since July 08'. I do not know how much they own at this point. Property bought 1998, some new mortgage in 2005 but have not info about balance.
My guess is that my offer below FMV will be much below they own on a property. Should I kill this deal and not to bother? I am not sure if lease would work, I mean numbers for lease option.
Proof of funds is one thing that I haven't been able to get an answer on yet. I'm looking at an REO but the listing agent says that it must be an all cash offer and that they want to see proof of funds. I want to assing the deal. So I don't know what to do. I figure I'll make an offer and if they accept, then I'll have some room to negotiate. Any thoughts? Do I get a proof of funds letter from my potential assignee?
You can use coastal-funding.com to generate a POF letter or you already have your buyer lined up just ask them for their POF letter. Make the contract "Subject to partner's approval." Also put in a inspection contingency clause. Get the buyer to sign appropriate docs (they can be found under Student resources: Forms and Docs) and have an attorney whose experience in handling AOC conduct the closings. They (the buyer) will pay the closing fees.
"I will NOT BE BROKE! ANYMORE!"
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