The sales person said it's better to pay someone to do it because if I try to do it myself i'll do it wrong and get denied by a lender then I'll go on some lender list and no one will lend to my Corp.

It seems easiest for them to blame the bank, rather than themselves for denying the letters.

I sent this to Wells Fargo and they denied it, tried again with Citi at 10% (WF's maximum payoff) and they countered at the same payoff.

Its basically a little game where you have to feel it out with the seller to see how low you can go on the contingency without having the offer denied.

In a few years when I have more savings/safety net/track record to get money together for flips where I can have staying power to not sell short and deny large % of potential profits I will consider doing those deals.The main thing I think that is being overlooked is that when a buy and hold deal is being done right you will have cash flow and ideally appreciation.

Everyone told me not to use WF. My bad.. The issue is unknown... they actually never bothered to notify me. My realtor did. I think it was because the loan amount is too low..22k. Waiting to hear Monday what they s...

And document, document, document your selection process.Since we don't charge an application fee, we process applications in order received, one at a time, after denying incomplete applications and those that disclose automatic disqualifiers.  

Auto coverage may not cover the water damage or I can see claims denied to collission as being caused by moving water.

Andrew - I won't deny that the thought of the coordinated "low ball" attack has crossed my mind...lol.

I would make multiple offers expecting to get countered or denied often.