Having Trouble Getting Offers Accepted

[Gwen Williams]

My husband and I are newbies to the real estate game. We have been putting in offers for numerous homes in hopes to wholesale them, but none of our offers have been accepted. We've put in about 15 offers so far. We have Proof of Funds letters (all from Coastal-Funding), $500 Earnest Money Deposits for each and, of course, the purchase agreements for each. What are we doing wrong. Any tips?

[Jon Holdman]

That wasn't really my question. Brian hit is. Are these REO's or short sales where its a bank that has to do the approving? Coastal funding gives those POF letters to anyone who fills out a form on their web site (according to other posters), so the bank is going to know its worthless. The "partner's approval" contingency is a bogus one. Its a mark of a newbie investor who is unsure about the offer and wants an out. If you request the right to assign the offer any bank is going to chuck your offer in the trash.

Sounds like you're trying to wholesale. These terms might get accepted by an individual seller. They're not going to be accepted on a REO or short sale. What offers are getting accepted on REOs? All cash offers with no contingencies and a bank statement showing cash in the bank.

You get a POF by either having proof you have cash in the bank (and a large - 20% or more earnest money check) or having a loan approval letter from a real lender or mortgage broker. One the seller can verify has some teeth behind it.

Sorry, but if you coach is having you chase REOs with POF letters like you have and these crazy terms in the offers then I think you need to consider what value that coach really offers.