Commitment Letter: A loan term sheet shows intent but isn’t binding so that brokers may see it as preliminary.

Letters, post cards even calls are useless to this owner class. 

So you might as well be a head of the game do the cash out refinance buy the next 1-2 properties and simply refinance the original mortgage as a "rate and term" which carries a lower rate.

Our total invested into this property is 1.14 million among 10 investors (this amount does include a 250k seller carry loan to be paid off by the 2 of the investors over 5 years).This property was up and running starting December 15 and we have had it pretty booked since then.  

Paul and Special Financing Company both  promised they would take care of this by December 27th and then just today in the mail I got two letters saying that they had transferred my loan to another company...That is the most insane thing I have ever encountered in all the years of dealing with shady businesses on the internet-!!!!

If you are using a third-party site to conduct the background checks, sometimes they have the option to send a person, a denial letter, and due to the fair credit act it may be required to send them a notice, informing them that you checked their credit and background so that they have a receipt that it was completed.

To preface, I have my real estate license and generally pull a list of presumed high equity(purchased more than 10 years ago), absentee owners in my target market and send out about 3000-4000 postcards or letters every 6 weeks or so. 

Lots of other services are included at no cost (advice, doc review, debt collection letters, etc). 

If the property is not cash flowing and is due to your mortgage carry, it will most likely require a cash buyer to work (or close to it). 

I had a chat with them on the phone as i was curious about the funding.. but came to the conclusion that the down payment ( the client made to buy) was probably what they paid for the property and the seller carry back note was the profit.. and then the seller carry back note is sold to yet another investor.. who is investing for coupon money.