Wanting to bid on a HUD foreclosure, but don't have proof of funds
There is a HUD home listed in my area that I would love to rehab. The house is actually in good shape, it is just outdated. It is listed at 65% of lowest ARV. I know there will be multiple offers so I am thinking I need a cash offer. I still would not be comfortable at full-price offer though. Rehab costs only between 15-20k. I currently own a house free and clear that I just rehabbed and it is on the market for only a week. My personal funds are tied up in that house. If I were to get this HUD at 74,500 (I know very unlikely, but you can't shoot if you don't score, right?), I would manage the rehab costs on business credit if need be. Any suggestions as to how I could make an offer as HUD will require proof of funds. I do not think the numbers are good enough to pay for hard money, but I have no experience with that. Help! Thanks
HuD doesn't care omits cash or a loan. They only care about the net amount. If you can get your bank to do a pre qual you could do conventional financing and then switch cash.
I use this...
http://besttransactionfunding.com/index.php?option=com_proof&Itemid=61&productChoice=POF
...becasue I don't like sellers to know how much I have. It's been accepted 98 out of 100 times... to my attorney and agent's suprise.
