Found pot of gold foreclosure, need POF letter ASAP.

I am a seasoned rehabber and I have been watching a foreclosure for some time and they just reduced it by $15,000 now I need a POF letter to make a bid. I have been buying very cheap houses and rehabbing and selling at a good profit, but all with my money. Now I feel it is time to secure some $$ help. I am thinking of HMLs and I need to place an offer so I do not lose it as soon as possible

Edited: 06/26/2010 at 05:14AM

Michael Rossi

Real Estate Investor · Ohio

4,587 posts
14 awards
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May 21 '08, 07:15 AM

Now I feel it is time to secure some $$ help. I am thinking of HMLs and I need to place an offer so I do not lose it as soon as possible

What are you waiting for?

Mike

Edited: 06/26/2010 at 05:14AM

Jason Cummins

Real Estate Investor · Katy, Texas

430 posts
2 awards
50 influence

May 21 '08, 11:21 AM

I think he may be asking for someone to recommend some sort of financing or maybe trying to reach someone with money with this post.

Edited: 06/26/2010 at 05:14AM

Tim W.

Real Estate Investor · Indiana, Indiana

Donor

4,333 posts
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May 22 '08, 11:50 AM

Originally posted by "winwinman"

now I need a POF letter to make a bid.

From your description, it's a cash offer. Will a non-binding, preapproval letter from a mortgage broker for a line of credit in the needed amount work? That's what I use for all cash offers and it's worked thus far.

Edited: 06/26/2010 at 05:14AM

Jason Hanson

Real Estate Coach · Oakton, Virginia

696 posts
5 awards
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May 25 '08, 01:36 AM

Go to your local REIA's find out who the best hard money lenders are to use.

Also, I would always have a pre-approval ready to go from a HML.

Edited: 06/26/2010 at 05:15AM

Mr E

Hard Money Lender · Minneapolis, MN

2 posts
50 influence

Jul 09 '08, 06:32 AM

[POST REMOVED BY ADMIN - Before you solicit business from our members, perhaps you could identify who you are by filling in your profile. Please review the forum rules and participate on the site if you intend on soliciting our members.]

Edited: 06/26/2010 at 05:29AM

Paul Montufar

Real Estate Investor · California

5 posts
50 influence

Oct 18 '08, 04:04 AM

You can also try the search enginge Scotsmanguide.com where you can find hmls in your state!

Edited: 06/26/2010 at 06:10AM

Mitch Freed

Property Manager · Portland, Oregon

212 posts
1 award
50 influence

Nov 07 '08, 09:42 PM

It sounds more like he has been tracking a pre-foreclosure property listed on the market. This property is probably a short sale and they have lowered the price so as to get an offer.

I would just write up the offer and submit proof of funds only when the bank asks for it. They may not even ask for it in the beginning.

Edited: 06/26/2010 at 06:20AM

Steve L.

SFR Investor · Rancho Cucamonga, California

890 posts
8 awards
59 influence

Nov 24 '08, 08:12 AM

Do you have stocks, 401k? Usually if you include that in your package it appeases banks. The letters I have received from hard money lenders I usually do not include as it draws questions.

Edited: 06/26/2010 at 06:27AM