Offline#1..I am trying to assign contracts and all the the real estate agents I have been talking to have been telling me that even if I have a proof of funds letter, before anyone will accept my offer they will make me get approved by one of thier mortgage brokers/lenders. I am laid off and can not get approved for a loan.I am considering talking to my dad about using his cash in the bank as my proof of funds. Do you think this will work.
#2..I have had 3 people contact me and tell me what type of house and price they want, but then when I email them back and tell them that I assign contracts and charge between 2,000 and 5,000 to do it, they never write back. I always tell them how good of a deal they will be getting, and how much money they will be saving. Am I doing something wrong or are they just not serious about buying.
#3.. I am trying to use the flyers that Dean gives us in his book but I can not figure out how to download them so I can change the text to what I need.
Any and all answers will be greatly appreciated..
Thanks
Isaiah Durst
Hi Isaiah!
I'm starting out in real estate, so I'm not an expert (yet!). I think one problem might be in #2. You mention that you tell the people how much you charge. I might be remembering wrong, but I don't think you need to tell your customer how much you are charging right then and there. Rather, if they tell you they can pay (e.g.) $85,000 for a house, you go looking for a house that you can get under contract for $80K-$83K.
Someone correct me if I'm wrong on this.
Vincent
"He who is mighty has done great things for me...He has...exalted those of humble estate; he has filled the hungry with good things..." Matt. 1:49-53
You do not need to be approved for a mortgage when you have proof of funds .
The POF shows you have cash to buy the home out right. if you are offering 100k for a home you get a POF letter from coastal or somewhere else for that amount. Sounds like the agent you are talking to are just giving you the run around. find an agent to work with. As far as the people not writing back, they may just be other wholesalers seeing what your doing. If you plane on wholesaling which is what it sounds like, get it under contract say for 50k and offer it to your end buyers for 55k. I amsaying that price figuring the end buyer will have a decent amount of equity ARV of course.
If I am dealing with a home that is listed through a real estate agent how would I go about this? Say the house is worth 100k and I lock it up for 60k and assign it for 65k. Where does my buyer get the 5k to pay me? The way my buddy explained it that just bought a house is the bank will only give you a loan for either the purchase price or the value, what ever is less. So if the purchase price is 60k then would the other 5k have to come out of the buyers pocket.
Thanks for all the info.
Isaiah
then he should have the funds to pay you, or else he may ask that you wait until he closes and get paid then. As long as you've got the property locked up under contract and pass it off to your buyer under contract of assignment then you're good to go.
Bryant Slade