Updated almost 10 years ago on . Most recent reply
Submitting offers using a HML
Hello everyone! I hope you are all well. My partner and I are new investors in NY. We live in NYC, but are looking in NJ, upstate NY and CT. We found a dynamite place that we are ready to make an offer on, but we came to this question. I am a licensed real estate agent in NYC. When I submit offers, I always submit with a pre approval letter.
How do you submit an offer with a HML? Do I need to get a pre approval from a HML? On a property that is in such bad shape it can't get a mortgage, does the broker understand what a HML loan is?
Everyone who has used a HML before, what is your strategy for making offers on the MLS? Especially when you don't have the relationship to get a POF with them?
If you are a HML in NY and can chime in please do. Thank you.
Most Popular Reply
Hi Cesar:
Yes, you would run through your scenario (and possibly go as far as running credit or submitting bank statements to the HML) and they will usually generate a letter of intent for you very quickly.
Please PM me if you need anything.
Logan