Buying & Selling Real Estate
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated over 7 years ago on . Most recent reply
Newbie writing an offer
Hello Biggerpocket members!
This is actually my first post on BiggerPockets! I like to start off that my brother(Jason) and I are new to real estate investing. Grasping the lingo and such has been a pain!! Although it's been a pain, today has been a great day! Its a warm summer day with a hint of ocean breeze in good ol' California! I cannot complain!
My brother and I are having a couple of hiccups writing up offers to agents on properties that are listed. I know many agents are different. We are having a problem because we do not have POF bank statement. Any advice as how to write a powerful offer? I know the POF will make our offer more appealing, but as of right now we do not have the funds for the POF. I got a statement from my HML, but it wasn't an actual bank statement. Also, what else would you guys advise would make our offers stronger?
Like I mentioned above, the lingo and documents can be somewhat confusing to a newbie. My agent also asked for my Articles of Corporation as well. Where can I get the articles of corporation? Thanks guys!
Most Popular Reply
I used to be in the same place as far as showing proof of funds because I did not have much money. I have never been one to follow the rules, so I decided to NOT buy properties that were listed on the MLS. I market (send postcards) to people who are behind on their mortgage payments, sometimes right before foreclosure. Every state is different so you may or may not be able to do that in California. I help people get a little something from their home before they get foreclosed and get nothing.
Another way I find people is through the divorce records. Sometimes a couple who divorces needs to get rid of their home and fast!! Sometimes they have to wait a year or two to realize that they can not afford the payment on their own.
I guess the point is, if you cant produce a proof of funds or prequalification letter, buy from someone who is not going to ask for one. Never has a seller asked me if I had the money to buy their home.