OfflineI looked at a beautiful home today. It is a short sale. This home was in our 1999 Parade of Homes. Subdivision is all new homes with many executive homes.
Assessments are $445k and the bank will agree to $259K. The home is really nice, set up downstairs for the movie room with tons of equipment and a projector and speakers. Security system with cameras and alarms.
They said it will go into foreclosure at the end of this month and go to auction. There were a lot of prospectors there today.
But my agent and I were talking about putting in the offer, and he said that the bank will ask for the last years bank statements. If I have a proof of funds why do they need that.
He said that banks aren't happy about those letters anymore, because too many people can't produce the money at the end.
Any thoughts.
I haven't decided yet on an offer as this one I just came across and would have to find an end buyer yet.
Sandi
Good short sale deal, but the bank may want my bank statements.
Posted on: Wed, 11/16/2011 - 00:31
Good short sale deal, but the bank may want my bank statements.
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Hi Sandi!
Me too....I have been running into that problem also....not good!!!
Regina
RLK Investments LLC
I did another short sale offer with Bank of America, and just used the Coastal funding letter and they never said anything more. Haven't heard yet if that got accepted, but I know Matt Larson said something about it once. And not sure how to avoid that. FSBO shouldn't be a problem with an assignment, but seems I keep hitting a lot of short sales. Hope we can get an answer on this.
Sandi
I have lenders call MY POF letter provider all the time. He offers his bank statements himself. After all he is the one funding the deal, not me. I have NEVER been asked to supply my bank statements. These guys are the REAL deal. I use their POF letter to make offers when I am not even going to use their funding! They are not some generic worn out letter provider!
Watch the presentation at my TF website below.
Michael Mangham
MD Home Acquisitions LLC
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
I will check all those out. The agent today was the first one that ever brought it up. I have never written a deal with him.
Sandi
the bank will not ask you for last years statements; they will, however, ask for proof of funds if you are making a cash offer.
and this is a good example of why you need to have your buyers lined up; when you come across a great deal, you want to be able to lock it up right away, knowing that you already have a buyer...
Wishing you success,
Valerie
Valerie
“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss
"I believe in angels, the kind that heaven sends; I am surrounded by angels, but I call them friends" - Unknown
My journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/59110/...
Never had that happen before. And it was the agent who said it. But I thought in the EDGE 2010, Matt talked about that.
But I did say to the agent when he said that, "I never had to do that before. So if I have a POF that should be good enough." Maybe the agent was checking out how serious I was.
Thanks for the input.
Sandi