This is exactly what I said in my post above last night, which was what was previously pointed out to me by my broker.So, in general, it sounds like the law frowns upon brokers creating any non-simple contracts, but will tolerate it if they make the contract subject to the review of the attorneys for all parties.Based on that, I'd suggest that it's more legal for brokers to do this than Dale believed and less legal for brokers to do this than I believed.So, we're both wrong...or right...or somewhere in the middle...At least as far as New York is concerned, and it appears that other states have also adopted that ruling from what I could tell.

Or.. would you think that you have no idea what you want to do, so maybe it's best just wait until he figures it out, otherwise, it's to risky of a loan, because he may get in the middle of the project and walk away!

Or, an older, small 2-3 bedroom suburban house in a middle class (but not upscale) neighborhood with good schools.

Josh I have talked about this many times.On the residential side all these scammers used to exist.Sell the loan off so they didn't care and closed up shop when it fell apart.Now that residential is under huge government regs they have all moved to the commercial side.All of these people advertising many are just helpless point and fee takers getting sucked up into the scam.Many of these so called lenders are not lenders at all but mills running due diligence fees,insurance fees,deposit fees etc. and then say they can't fund later on to deny the deal.I have found direct lenders are very hard to find and I find one of those for every 20 scammers.As a buyer you do not pay upfront fees except for appraisal,survey etc.You can talk to these scammers on the phone and can tell by what they say they are not a true lender.I do very heavy lifting to make sure my lenders are real and I am not dealing with a middle man to protect my clients buying properties through me.Any company claiming to be a lender that will fund anything is more of a conduit (middle man) taking fees.A reputable lender will display recent closings and details of the loan.They will have very detailed rate sheets along with terms and conditions of the program.Any points will only be paid at closing when they perform.Many of these lenders will be highly specialized in a particular asset class and not broad in scope.The interest rates from legit lenders will be very close in percentage rate and LTV's.The difference being in how much money they have to lend and what loan size they specialize in and recourse versus non-recourse etc.Many lenders can promise but very few can deliver on the rates promised and close it.

Hi all,New member from a small town in the middle of Wyoming.

Had I stuck the other person in the middle and paid their 1% fee, I guess they would have approved the loan.

I agree, like the police stops in the middle of the street looking for expired inspection stickers, this is merely a fundraiser.

I'm in the DFW metroplex and have been paying attention to prices for the last 2-3 years for middle to low income buy and hold type properties.

Rather than have his failed middle east policies exposed for the mess it is, he allowed four Americans to be brutally murdered, and crafted a huge cover up.Has Obama yet come out and called it a terrorist attack?

It's usually a bank statement, a letter from your bank or a screenshot from your online banking page.What you are talking about is a pre-qualification or pre-approval letter from a lender (regardless of what they call it), and is used when making financed offers on property.If you try making a cash offer using this fake "POF," you'll find that most of the time, the seller will disregard your offer or make you change it to financed.Now, to answer your question, if you make a financed offer, it shouldn't matter whether you change the lender in the middle of the process, so long as the original lender (the one that provided the "POF") is a viable option should the new lender not be able to provide the funds.The key is, you need to be able to follow through on whatever you're telling the seller -- if you tell the seller it's a cash deal, you need to be able to follow-through with cash (and prove you have it); in this case, if you're telling the seller you are approved for financing, you need to be able to follow-through by getting financing, regardless of who the lender is.