Home » Real Estate Forums » Real Estate Investing » Buying Foreclosures, REOs. Short Sales, FSBO, MLS and More

What to do if the Bank owning an REO wants a pre-qual from their bank???

Posted on: Mon, 06/01/2009 - 02:07
What to do if the Bank owning an REO wants a pre-qual from their bank???

Hey Everyone:
I have recently ran into a problem. I got a list of REOs, but alot of them want you to have their bank's pre-approval letter. Problem is that my credit sucks and I am not planning to pay cash for them.

Anyone knows a way around it? Thanks.

Yuri

__________________

-- TIME IS A TERRIBLE THING TO WASTE, SO STOP WASTING IT --


Posted on: Mon, 06/01/2009 - 02:47 #1
Yuri,

You may want to try www.coastal-funding.com which was recommended in another thread for pre-approval letters. Also, if you have a friend or a partner that can get a pre-approval letter for you, as a partnership, this may work. Good luck with all your deals. Believe and Achieve! Smiling - Joe

__________________

YOU TUBE CHANNEL - Follow me on my You Tube Channel at Joe Jurek Real Estate Investing Adventures
https://www.youtube.com/channel/UCiko62V79zLKX_owbirAYNA

TWITTER - Follow me on Twitter at Joe Jurek CPA
Joe Jurek CPA
https://twitter.com/JoeJurekCPA


Posted on: Mon, 06/01/2009 - 02:50 #2
Joe

The problem is that they don't want to see a letter from private money lender. They want their own pre-approval.

Unless I give them cash... Coastal is no good for me.

__________________

-- TIME IS A TERRIBLE THING TO WASTE, SO STOP WASTING IT --


Posted on: Wed, 06/03/2009 - 02:56 #3
Anyone?

Anyone had this problem? Please let me know how you went around it...

__________________

-- TIME IS A TERRIBLE THING TO WASTE, SO STOP WASTING IT --


Posted on: Wed, 06/03/2009 - 04:01 #4
no credit report

I had a bank require a letter from their mortgage department, and they wrote the letter without checking my credit. I don't recall what bank it was. Call the bank, and explain to them that you need the letter to submit an offer, and that you do not intend to use them for the loan. They may give you the letter without pulling your credit.

Al

__________________

"NOW GO FIND A DEAL"

Watch your thoughts; They become words,
Watch your words; They become actions,
Watch your actions; They become habits,
Watch your habits; They become character,
Watch your character, it becomes your destiny.

Frank Outlaw


Posted on: Wed, 06/03/2009 - 12:59 #5
Al

Thank you. I will try that route. Thanks

__________________

-- TIME IS A TERRIBLE THING TO WASTE, SO STOP WASTING IT --


Posted on: Wed, 06/03/2009 - 14:45 #6
let us know

Yuri, Let us know how this works out.

Al

__________________

"NOW GO FIND A DEAL"

Watch your thoughts; They become words,
Watch your words; They become actions,
Watch your actions; They become habits,
Watch your habits; They become character,
Watch your character, it becomes your destiny.

Frank Outlaw


Posted on: Wed, 06/03/2009 - 15:02 #7
Al

You bet! Don't I always LOL

__________________

-- TIME IS A TERRIBLE THING TO WASTE, SO STOP WASTING IT --