Real Estate Investor · Deer Park, TX · Member since 2013 · 24 posts · 0 votes
Is anyone having to show prof of funds for every offer u submit? How is your agent making you propose a bid? Are agent wants us to show prof of funds for every bid . It's this common ?
Rental Property Investor · Mercer Island, WA · Member since 2008 · 22k+ posts · 14k+ votes
13y
This is really simple. If you're writing your offers as "cash", you better actually be able to show you have the cash. If you don't have cash, don't write cash offers. Write them as financed and provide a pre-approval letter from your lender.
If you're a wholesaler and don't have either cash or a real pre-approval letter (i.e., one where a lender has actually approved you for a loan, not something you printed off the internet), don't make offers on listed properties. Get out there and do you own marketing and digging and find sellers. Agents know your offers aren't real offers. That is, you have no intention of buying the property. You're effectively just another agent. You want to play in that space then just get your license, find buyers and work inside the system to help your buyers find properties.
Real Estate Investor · Deer Park, TX · Member since 2013 · 24 posts · 0 votes
13y
Originally posted by Dev Horn:
"Opportunities multiply as they are seized." ~ John Wicker
Everyone started out as a "newbie". The great thing about BP is we all have access to people here that are knowledgeable and want to help. I hope you feel that in your interaction with all of us here. We all want you to SUCCEED!
Yes this is a great site!
Tons of nice people like yourself that can help New Investors out.
Investor · Sarasota, FL · Member since 2008 · 17k+ posts · 17k+ votes
13y
Originally posted by Jennifer Gibbs:
Jon Holdman ~ that is EXACTLY what I am trying to avoid. I'm happy to provide a copy of our business check to show that we mean business but do not want to have to actually write these checks each time.
I have no problem (and neither should you) providing a copy of a company check whenever the seller requires it with the offer (many REO sellers do). The way I handle it is, back in 2009, I scanned a company check into a PDF file, with my signature and nothing else. When I need to provide a copy of a check, I edit that PDF file to include the date, EM amount and name of EM holder. And I provide a copy of it along with my offer.
It takes about 2 minutes to fill in the PDF copy of the check, and I've been using the same "check" for 4 years now. If/when my offer gets accepted, I write a new check (a real one) or get certified funds for the EM.