REO Agent won't accept my private money POF

[Michael Lerch]

I'm a wholesaler and I've wanted to start making offers on the MLS. My friend is my buyer agent. I have a private money lender in the mix to use as transactional funding so I can close the deal.

First offer on an REO I make and the agent won't accept a POF from a private lender. Says it has to be my cash or conventional loan from a lending institution. My agent did some digging and said if I can come up with the terms of the loan from the private lender (% down, interest rate, how many months) that they would finally look at my offer. This sucks since my private lender is willing to fund the transaction, but only for a day or 2 until I close with my cash buyer.

How are other wholesalers making offers on REOs these days? Do I just get my private lender to make up terms on the POF for the sake of getting things done? ... Oh... I may have answered my own question. I guess it doesn't really matter what terms are set if I close the next day anyway. :)