Help on Transactional funding on REO

Help on Transactional funding on REO

Happy Friday!
I am working on a wholesale deal. This is an REO and I need to give $1,000 deposit and must show proof of funds before they accept my offer. I can't get proof of funds until I have buyer contract. I can't get buyer contract until I lock up the deal. I have a very qualified buyer in mind for this.
But this is where I always get confused. Which comes first?
Thanks,
Brenda

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Transactional funding

You CAN get proof of funds before you have a buyer. Even though as you say you don't have a buyer right now, well you don't need one right now. Lock up the deal on contract because any potential buyer is going to ask you if you have the deal under contract anyway. If you need Proof Of Funds, go to coastal-funding.com, or hartwellventures.com and request them from there. Hartwell even goes as far as to put money into an escrow account for your verification when needed. Just go and check out those two sites and read up on how they do things.

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Bryant Slade


Brenda,

These people may be able to help, with no upfront fees.
http://www.onedayfunding.com/index.html

Hope this helps,

Vincent(footsoldier)


Brenda,

Try this. With all of my offers I state that proof of funds and earnest money is due within 3 days of acceptance. Try that and each of the suggestions above, but if that doesn't work (or the transitional funding will take too big of a cut), you could always try bird-dogging this deal to make it work. The buyer you have in mind may be a repeat customer if you have found an awesome deal. Just a thought. Smiling

Good luck!

Rina

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WOW - this may be just what I need to get going

I am just getting started and I understand the part about finding seller and finding buyer, but the part about the financing in the middle had me stumped. This may be just what i need once I get in and get going on my first deal. Thanks for the info Maximillionalpha


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