I recently received a commitment from a private lender (a successful friend) for a nice amount, which came at the perfect time as I am personally stretched for funds through other projects. He approached me about working together to acquire some HomePath properties to fix flip. The problem now seems to be a chicken egg scenario:
for REOs you may not have to have the earnest money Nike Air Max 95 Ultra Jacquard Trainer
Originally posted by Mark Ferguson:
I've never heard of a good faith or EMD being required BEFORE an accepted offer. The banks I work with (previously Fannie Mae) won't sign anything until they have a complete buyer package. If they require certified funds they won't sign until they have a copy of the certified funds as well.
Of course, you'll need to make any cash offers in the name Air Max White Fashion
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banks I work with they will require a copy of the earnest money check with the buyer signed docs before they will sign the contract. This check is never cashed (the seller wants certified funds when the offer is accepted), and I've used the same digitally scanned check for several hundred offers now.
when you make the offer, but with 90% of the Nike Air Max 95 Safari Pack
HomePath requires all cash offers to include a 10% EMD along with proof of funds.
You're saying you have cash to make the purchase, but you really don't. So either submit the offer and provide EMD after an accepted offer OR submit the offer as a privately financed offer that can close withing 10 days or something like that and just have your private financier provide a preapproval letter from the lender.
I do "sort of" essentially the same as J Scott. I have an escrow agent I use exclusively, and I make the check out to the escrow Nike Air Max 95 Yellow Black agent, dated, signed and scanned it into a PDF file.
Chicken Egg Situation with HomePath Offers
I've never seen an REO seller have an issue with this language, and it should allow you to get the property under contract prior to your partner having to provide any funds.
One difference is he created the electronic copy, then printed it, I assume to be part of a printed contract. In my case all my contracts are completely electronic PDFs, so I wrote a real check, scanned it in and combine/merge that into my overall PDF contract.
You can tell your partner that once Fannie Mae verbally accepted your offer and swnds you the bank addendums there is a 95% chance it will be signed off on by Fannie Mae if you send in the full package.
of the account where the funds are held and you'll need to provide POF from that account. No way around that (unless the seller is extremely lax in their review of the contract).
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I never really send in the check.
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