OfflineI have a couple of great realtors to use for getting information on properties and bid on same, but they have told me that with NO money or Proof of Funding from a bank or other lender they will not let me into properties to reseach for bidding and assigning.
Need to figure this out ASAP for I have a cash buying investor, but if realtors will not work with me to start we are dead in water sort of speaking.
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I am a Realtor and because there are so many buyers out there with no money I can understand where they're coming from. Can you supply a reference letter from your buyer with maybe a POF letter from them.
Thanks for information. I will ask, but they have said they just will buy it from me. They do not really what to sign an assisgnment contractor either, so I have no grauntee they wil pay me or buy the propoerties, then I start looking bad for doing business with for we end up backing out of contracts.
would agree wuth kimmdavis, see if you can get a POF letter from your cash buyer. Make sure the POF amount is only as much as you are offering.
If you can get a pre-approval letter from a bank that would be a good thing too, if all you want to do is get in the property and check it out.
RENinja
"Remember, success is a journey, not a destination.
Have faith in your ability."
Bruce Lee
Have you fully explained to your buyer what an assignment is? And why it is legal?
They shouldn't have a problem with an assignment if they are getting a good deal.
RENinja
"Remember, success is a journey, not a destination.
Have faith in your ability."
Bruce Lee
tried to get POF or even loan from bank, NO was answer. I do know of where I can get a POF letter, but it cost $3,500 so ther goes profit margin.
thanks. this is were I am heading.
Have you tried a coastalfunding.com POF letter?
RENinja
"Remember, success is a journey, not a destination.
Have faith in your ability."
Bruce Lee
Hey good afternoon David. You do not need money to work with real estate agents. That's the reason why you're working with them. Click the link below and follow the instructions on "WORKING WITH AGENTS". Good luck!
30 Days Quick Cash Formula
http://www.deangraziosi.com/real-estate-forums/everything-else/86517/30-...
Coastal is the folks charging the $3500 for a POF letter upto 125,000.
Travis, thank you for the link. I WILL review in depth and find an avenue to follow. I truely am trying to get our first deal. All up hill right now.
Just to print out their letter? My understanding was that people were able to print the letter for free and then use funds from their cash buyer instead of transactional funding.
Sigh... Guess not.
RENinja
"Remember, success is a journey, not a destination.
Have faith in your ability."
Bruce Lee
I think you've tried to go too fast and have misunderstood the terms of TF.
You CAN get a FREE POF letter
You pay when you use their funds- $3000 minimum fee and $495
Take your time and read everything carefully
More info can be found here on site by typing transactional funding or POF in the search box (top left)and hit enter
BTW, if you were a realtor, you wouldn't want to find properties and drive some bozo around that did NOT have any $$$ and waste your time and gas
Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools
My TF and POF guys are the best in the business. Some TF lenders POF letters are routinely rejected by lenders. My guys will provide their own bank statement to prove to the lender that you are good for the funds.
Enter and watch the presentation at my TF and POF website below. GREAT STUFF, I use it every day. My POF letters have been accepted by B of A, Wells Fargo, Chase, etc etc! Plus, it is the most affordable TF source in the business.
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