jeamy86
First Time Poster
Cash: $ 0.67
Posts: 1
Joined: 09 Jun 2005
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| Please what should i do? |
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Hey! please can you all help me as fast as possible? i have a good investment deal that has great potential and i want to get into contract the the seller but he said he needs a letter of prove or something that has the exactly price of the house in cash or in the bank b4 he can go into agreement wit me. What CAN I DO????????? Please help a brother out am a forst time investor. Dj
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Sat Jun 11, 2005 4:05 am |
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erik
New Member
Cash: $ 1.70
Posts: 7
Joined: 06 Jun 2005
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how about you just give him/her what he/she wants? Maybe, he is just deploying some kind of plot just to make sure.
He just doesn't trust people that easily maybe.
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Sat Jun 11, 2005 11:12 am |
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efflandt
Senior Member
Cash: $ 80.45
Posts: 401
Joined: 25 Apr 2005
Location: Elgin, IL USA
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The seller wants some proof that you have the money and/or pre-approval of a loan for the balance. If you do need a mortgage or loan against the property, make sure you tell the loan company that it would be for investment property, which may have different terms than owner-occupied. You don't want surprises after you get locked into a purchase contract.
It would be a good idea to have a realestate attorney look over any papers before you sign. Make sure that the seller will provide title insurance at closing.
I didn't think I needed an attorney when buying 5 yr land contract from someone I had purchased from before. But I did not realize until hiring an attorney while attempting to sell it after 12 yrs, that the represented easements were not properly recorded, and it was about to become landlocked. The buyers backed out, but at least an adjoining neighbor bought it for my purchase price. So saving hundreds on an attorney that may have originally flagged the easement problem, cost me thousands of dollars in lost profit down the road.
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Sun Jun 12, 2005 1:24 pm |
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Ellis
Member
Cash: $ 3.00
Posts: 15
Joined: 23 Aug 2005
Location: Washington State
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It dosent seem to me like you know what your are doing(real estate investing). Also I wouldnt be suprised if you have never purchased a home before, otherwise you would know the elements involved in any negotiation or intent to purchase and all the documents that are needed to proceed from meeting/phone call to the closing.
I would re-evaluate your ability, education, knowledge, and experience before you jump into something you know nothing about.
Real estate investing is very lucrative but if you dont know what you are doing you could end up in a financial black hole.
My final advise is for you to check your spelling when posting as there are many mistakes in your post. When forum members are reading your post, they might not fully understand what you might be trying to communicate as there are many errors.
Good luck and hope everything works out ok
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Sun Aug 28, 2005 8:01 am |
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foxi$
Contributing Member
Cash: $ 5.15
Posts: 25
Joined: 22 Aug 2006
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| GOOD CREDIT |
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MAKE SENSE WHAT YOU GOT TO DO IS APPROVE IF THE SELLER FEEL YA CREDIT WORTHY WHAT YOU GOT TO DO IS SHOW SOME CREDIABILITY.. CD KEEP IT IN FOR 6 MONTHS BURROW AGINST IT HAVE ANY IDEAS HOW FAST CANYOU PAY IT BACK THE INTERST IT BUILT YA CREDIT UP I PLAN ON DOING THAT IF YA CREDIT IS IN THE RED BE SURPRISE HOW QUICKLY U CAN BRING YA CREDIT UP SO COOL OFF IT DEAL SO YOUMIGHT RELAX LOL BE COOL IT COULD WORK FOR YOUR BEST INTEREST
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Wed Aug 23, 2006 3:52 am |
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Sailbad
Member
Cash: $ 3.10
Posts: 15
Joined: 24 Aug 2006
Location: Austin TX
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| Get him a letter form a lender |
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And provide him with a bank statement showing your deposit amount. Whatever you do be careful and don't cut corners. Keep your $$ in escrow behind a contract. This has all the earmarks of a scam.
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Thu Aug 24, 2006 10:06 pm |
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