When using a transactional loan on a REO wholesale deal don't you need to show the bank proof of
funds before they accept your offer?
Not exact matches
If you choose to
accept this
offer, Citizens Bank will conduct a hard credit pull
before approving your loan and disbursing
funds.
If you choose to
accept this
offer, Citizens Bank will conduct a hard credit pull
before approving your loan and disbursing
funds.
Request the
funds you need, and review the
offer presented to you
before accepting.
Keep a master list with all your accounts and these details: the balance
before the account went past due, the outstanding balance, whether the account is with the original creditor or a collector, the estimated charge - off date, whether you've
offered a settlement, whether the settlement has been
accepted, your ideal settlement amount for each account and the total amount of settlement
funds you need to accumulate.
Cash to close
funds are usually paid in increments — for example, 1 % of the price when the
offer is
accepted, an additional 2 % of the price when contingencies are released, and all remaining
funds when loan documents are signed three to five days
before close of escrow.
My
offer was $ 55000, all cash the couple
accepted it and then the real estate broker had to present it to the bank, Based on my prior experience I thought the bank would make a counter
offer or reject my
offer outright, Guess what the next day the broker called saying the bank wanted to see proof of
funds they
accepted the
offer provided I could close
before Dec 8th.