Cash For Foreclosure Purchase - Hard Money

3 Replies

One of the tips for getting a bank to accept your offer on a foreclosure is if you bring cash, they are more likely to accept. My question is whether hard money counts as cash in that instance. My hard money lender won't actually sign off on a deal or even look at a deal with me unless I have it under contract. I do have access to a Proof of Funds letter. Is the Proof of Funds letter good enough for the bank to say yes, this guy has cash? Thanks for your help on this.

Greetings @Caseybarrus. You're getting a loan from the HML so you're not a cash buyer. If at the last minute your HML backs out of the deal you risk the loss of your earnest money deposit. Letting the seller know you're financed by a credible HML (and show you have your portion of the agreement) could render you competitive in a multi-offer situation. Better than that, place lots of offers so you'll be the one dealing with multi-acceptances (with a loan contingency) or multi-counters. Hang in there. You will get an acceptance.

@Rick Schneck ,

To make the @ work, do the following:

Hold down the shift key and type @?

Look below this Window, and you will see a list of names of people that have posted in this thread.

Click on the name of the person that you want notified via an email, that you responded to them.

If you are a Colleague with anyone that has NOT posted in the thread, and you want them to see your post, hold down the shift key, type the @ and the first 4 letters of their First or Last Name.

Then look below this Window and click on that person's name.

Raymond

@Raymond B. Thanks for the tutorial. Your goodwill is appreciated.

Warm regards,

Rick Schneck

Create Lasting Wealth Through Real Estate

Join the millions of people achieving financial freedom through the power of real estate investing

Start here