Starting Out
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated almost 18 years ago,
When an Investor is asked if they have been pre-approved???
Good morning to all,
I am a new investor. I have been studying real estate investing for about a month, and feel very optimistic about my future in this business. I also am very excited because I am actually understanding the concepts and strategies.
Like most newbie investors, I have decided to start out my career assigning contracts. I have recently made my first few phone calls to realtors inquiring information about a couple properties. Although, a question has arose through these initial conversations.
I have had both realtors ask me if I have been pre-approved for a mortgage? how do I handle this question if I know that my investment strategy is to get a home under contract and then assign it to another investor? of course I wouldn't tell the realtor that this is what I am planning; however, I must still be honest about being an investor....this is obvious by my "all cash at closing" offer. But if I have not been pre-approved for a mortgage, and I'm offering all cash at closing, how does the realtor trust me in knowing that I will actually come through with the cash at closing? the realtors also asked me how I would be able to come up with the cash at closing.....how do you respond to that?
I hope that my question is not too confusing...hell, I'm confused just trying to type it the way my mind is analyzing it. So, if I've confused you, I apologize.
Anyway, I think this is a great forum for investors to connect, and I so look forward to your responses to this.
Thanks a bunch!