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Forums » Short Sales » Short sale with no proof of funds

Short sale with no proof of funds Subscribe to Short sale with no proof of funds

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Forum_avatar_avatar-msedwick

Icon_minipost Jul 16 '08, 03:03 AM

Hello,
I was wondering if anyone is marketing to preforeclosures, for short sales, even though you have no funding or enough cash. I know that some investors will pay finders fees for short sale leads, but does anyone know of another way to profit from a short sale without proof of funds? Thanks, Mike

Edited: 06/26/2010 at 05:31AM


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Forum_avatar_avatar-apbowman

Icon_minipost Jul 18 '08, 01:18 AM

You can make good money with short sales even if you have no upfront cash. Now I am not going to get into great detail on how to complete a short sale or wholesale a short sale deal. What you want to find is a lender who will provide funds for the 1st half of the transaction. Which will let you buy the property from the bank at your discount price. This is much easier than doing a dry closing ( where you close 1st with your end-buyer and use there funds to pay the bank) Once you close with the bank you can sell that property to your end-buyer 10mins later. Email me if you need help with this or locating this type of lender.

Edited: 06/26/2010 at 05:32AM


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Forum_avatar_avatar-msedwick

Icon_minipost Jul 30 '08, 02:08 AM

I guess I was asking if a deal can be done without having to qualilfy to a lender (for the first half of the deal as you said) and thereby receiving the proof of funds required by the foerclosing lender.

Edited: 06/26/2010 at 05:35AM


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Forum_avatar_avatar-apbowman

Icon_minipost Aug 10 '08, 06:28 AM

There are lenders out there who will fund the 1st transaction and you don't have to quality with..All you need is your payoff letter from the bank showing your discount and your end buyer lined up to buy. They will basically give you a loan for 48hours based on the fact that you will be closing with your end buy that same day. They will wire the money to the bank for the discounted price once your end buyers money is in escrow. So you see you can do it with out any money or credit...If the lender wants a proof of funds let them know you will send it over once your short sale is approved.

Edited: 06/26/2010 at 05:39AM


Rhonda Salguero

Residential Real Estate Agent · Las Vegas, NV


Forum_avatar_avatar-chic1

Icon_minipost Aug 10 '08, 01:32 PM

could you please pm me with the banks that do this thx

Edited: 06/26/2010 at 05:39AM


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