I have never had this issue in the past, but I want to hear opinions.
I buy my houses cash from my own bank. I use my account as POF when I submit offers.
The issue I have is a house I want to make a solid (over asking price) offer and think I can land a decent deal. As it stands now my buying capital is in another house. We were supposed to close on July 15th. The buyers title company claims an employee left and never ordered a municipal search. The search takes "minimum" 30 days (I know from when I bought, it cost me $400 because of it). They pulled the search on July 17th. Played the month long waiting game. Municipal is in, now I am waiting on the buyers end survey (what the f*+%). I'm told we will close next week (maybe). This will be 2.5 months after contracts, and seems to be the norm.
The issue as you see, my money for POF will be there next week, the deal I want won't. I have a private "lender" who in the past has floated me the money until I get my check but since moving out of state, this becomes more difficult as we need to do wire transfers etc...
My question. Would a letter from him (not a company, just a person) indicating he is lending me the money and showing his own POF a viable option during my offer? I don't want to waste his time, my realtors time, etc if this will just be tossed in the trash. I will be reaching it to my realtor about it, but figure the community here might know.
Thanks in advance!
Depends on who the seller is. For a private seller, a letter explaining the "probable" source of funds is the sale of the house with the private lender as a back up. If a REO, I'd probably go with the private lender letter, maybe Showing past fundings from him.