All Forum Posts by: Jo-Ann Basile-Cadovius

Problem is, I am new to this area and to the RE game...I don't know anyone local!

I have had at least 3 PML's say that they have "approved" my deal (and It is a good one) but in order to submit the bid, the bank wants a 'proof of funds' or 'proof of commitment' letter to show that I have the money to do the deal. The lenders always seem to stop short right there. One wanted me to fly to Texas to pick up the check, another wants cash up front to process the paperwork (even though he has approved me, and the only paperwork I need is the commitment letter). So, what am I doing wrong? Response time from the lenders has been slow and I am afraid I am going to lose this deal.

I don't know anything about the Michigan rental market, but you might want to try the website rentometer.com to see if the place is competitive rent-wise. Good luck