General Real Estate Investing

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Michael Williams
  • Rental Property Investor
  • Sacramento, CA
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Making offers on properties without Prequalification letter

Michael Williams
  • Rental Property Investor
  • Sacramento, CA
Posted Nov 30 2022, 15:51

How would I be able to make offers on multi family properties in my area without a pre qual letter from my lender? I have a family member who will loan me the down payment on a multi family property, they have not transferred the funds into my account yet. How would I still be able to make offers on properties? Or should I just wait until the funds are in my account and receive a pre approval letter from my lender?

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Olivia Radziszewski
  • Realtor
  • Chicago, IL
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Olivia Radziszewski
  • Realtor
  • Chicago, IL
Replied Nov 30 2022, 18:20

@Michael Williams- I would wait until the funds are there and you are able to get a letter. Did your lender tell you that you cannot make an offer until the funds are in your account? Depending on the situation and the type of loan you are looking to get and what your current financial situation is you may be able to get the letter sooner than you think. Good luck!

User Stats

202
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Michael Williams
  • Rental Property Investor
  • Sacramento, CA
81
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202
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Michael Williams
  • Rental Property Investor
  • Sacramento, CA
Replied Dec 3 2022, 01:24
Quote from @Olivia Radziszewski:

@Michael Williams- I would wait until the funds are there and you are able to get a letter. Did your lender tell you that you cannot make an offer until the funds are in your account? Depending on the situation and the type of loan you are looking to get and what your current financial situation is you may be able to get the letter sooner than you think. Good luck!


 Yes, my lender told me I need to have the funds in my account for two months before I qualify for a pre approval letter. Thank you