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Updated almost 18 years ago,

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When an Investor is asked if they have been pre-approved???

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Posted

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!

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