Need Help Regarding Cash Offers
If I plan on purchasing a property cash by means other than an hml or conventional lender (home equity loc, family, cash reserves, etc) how do you go about making offers on properties that require a pre approval letter with offer.
Most REO's I look at require a pre approval letter with the offer for the offer to even be considered. How would a cash buyer make an offer in these situations?
Thanks and any help is appreciated.
If you can't show a prequal they will want to see were the funds are coming from. If you can show them 30%. they should see that as cash because it is a rare day someone with 30% cant get a loan anyway.
If the funds are coming from an invester or something take them to your bank deposite the30% get your statement give them thier funds back. Your agent has what they need why, call to verify. If your invester wont do that you will have to buy in his name. Then swich the names later before the closing
I'd make it very prominent in contract to purchase that you will be paying CASH.
If you have money on deposit with bank, or in escrow with attorney, get them to write a letter verifying funds.
Good Luck!