OfflineI spoke with a mortgage broker today and explained to him that I wanted to do Assignment real estate deals. He said that sometimes they still want to see a pre approval or credit report even if your not buying the property. Has anyone else heard of this? What are your suggestions?
Thanks,
Eric
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This issue generally comes up when you are dealing with real estate agents. They have financing contingencies that are placed in a contract that will ensure that you have at least went and spoke with a mortgage broker or a lender. This is different from a pre-approval letter.
The mortgage broker will provide you with a pre-qualification letter. That is a very low threshold approval, not credit based or even employment based in some cases. The realtors' financing contingency will state that you have so many days to be Pre-Approved with a lender and if you are able to obtain this letter then you would be able to cancel the contract.
I hope that this helps.
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125
Thanks so much salden this helps a lot!!!