OfflineHey i have a buyer that is trying to buy a house but the only thing is that it is on the mls. They are asking for 19,000 and I was going to sell it to him for 27000 or 28000. We have already seen the house and he wants the house! I did a proof of funds letter from a hard lender it was free and 1,000 earnest money that I was going to get the buyer to give me once they except the offer close within 15 to 30 days all cash! But they didn't except the offer and I thinks it is because of my proof of funds letter! What do I do he really what the house! And I don't have the funds to do a closing so someone let me know what to do! Someone was telling me to go through a day funding group to do a double closing! I want to pay full price and flip it to my end buyer because he wants it like now!!!!!!!!!! Help!
Help need information!
Posted on: Sat, 10/30/2010 - 00:11
If your hard money guy is legit the lender should have been able to call and verify that the hard money loan was ready to go. Now if you just gave them a letter and you were not pre approved by the hard money lender that would be a problem. You would have no real funds to back up your letter.
If you have a buyer for sure you can use transactional funds and do a double close. You must be set up with the transactional fund company in advance. They will supply a POF letter that is backed up by their money.
Get it here: http://www.mdtfcam.com
If you have a good relationship with the buyer you can put him directly on the contract and charge a finders fee. That would do away with needing transactional funds on this deal. I would have TF available for other deals and that way you can supply POF letters that a lender can verify with all of your offers.
Good Luck,
Michael Mangham
MD Home Acquisitions LLC
Knowledge is power, but execution trumps knowledge. Tony Robbins
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is probably the best option here. You get a little money and a little experience and you move to the next project. Charge $2,500 to him directly and everybody's a winner. Set it up so your fee is earned no matter what the outcome of the sale is so it can't be construed as a commission in your state.
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