OfflineHi DG family! So here's the situation, I started submitting offers on REO properties. A lot of the responses have been: we can submit the offer to the bank as long as you have a bank statement with the funds you offered on the property. So that's the problem, I don,t have the money for the properties, so my question is what the proper way around this? But the simple fact is I don't have a bank statement with thousands of dollars, However I do have buyers list of people that are willing to pay cash, so it's not like im completely oblivious. What should I do?
p.s. i was planning on doing assignment deals on these REO properties
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Hmm... I'm not sure how to go about this one. Especially since they want a bank statement. Are you going through a realtor or talking to the bank directly?
What you COULD do is get a proof of funds letter if you got your buyers set up so you can push the deal over. There's a company that will give you the proof of funds letter for situations kinda like this.
There's plenty of people that have dealt with REO's before, I myself haven't
But I thought I would at least offer up the idea.
GOOD LUCK!!!
Knowledge is Power
- Pimpedoutgeese
Allow your fear to gently pass. Then genuinely ask yourself,
“What needs to be done?”
Go to http://www.hartwellventures.com/proof-of-funds-overview.php#down-payment... maybe they can help.
thank you, can you explain what this link is? I browsed throw it and wasn't 100% on what it was.
dicegame78 Your link looks like it might help make my 1st deal become a reality. I will check it out more tomorrow during business hours. I will keep you posted.
Janet
"Investing in you - Improving our community"
www.coastal-funding.com will give you a POF letter right off the internet.
Good luck...
KimmyJ
Press on...
Mike,
Do they charge for the POF?
Invest in yourself!