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	<title>Financially Free Real Estate Investor &#187; pre-approval</title>
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		<title>Getting that Pre-approval letter to make offers on REOs</title>
		<link>http://www.financiallyfreelandlord.com/84/</link>
		<comments>http://www.financiallyfreelandlord.com/84/#comments</comments>
		<pubDate>Thu, 13 Nov 2008 04:32:32 +0000</pubDate>
		<dc:creator>Scott Nachatilo</dc:creator>
				<category><![CDATA[Blog Categories]]></category>
		<category><![CDATA[Financing]]></category>
		<category><![CDATA[pre-approval]]></category>
		<category><![CDATA[real estate investing]]></category>

		<guid isPermaLink="false">http://financiallyfreelandlord.com/?p=84</guid>
		<description><![CDATA[During the last Wealth School session, one of the issues that came up was the challenge of getting a pre-approval letter to submit along with offers on bank-owned properties.&#160; Now, it&#8217;s best if you have cash, and can show bank statement as proof of funds.&#160; But what if you aren&#8217;t in that position?&#160;
The point we [...]]]></description>
			<content:encoded><![CDATA[<p>During the last Wealth School session, one of the issues that came up was the challenge of getting a pre-approval letter to submit along with offers on bank-owned properties.&nbsp; Now, it&#8217;s best if you have cash, and can show bank statement as proof of funds.&nbsp; But what if you aren&#8217;t in that position?&nbsp;</p>
<p>The point we made in class was that piece of paper is just part of the realtors paperwork&nbsp;checklist.&nbsp; So, get them a piece of paper.&nbsp;Here are&nbsp;a suggestions on where to get those pieces of paper:</p>
<ol>
<li>A hard money lender.&nbsp; Find out who the hard money lenders are in your area.&nbsp; Find out which one or ones will provide you with a pre-approval letter.&nbsp;</li>
<li>Do you know&nbsp;a private lender who could write a letter like that for you?&nbsp; Just because you get a letter from a private lender, it doesn&#8217;t mean that it needs to be the source of those funds.&nbsp; You don&#8217;t need to get a different letter for each property in which you submit an offer.&nbsp;</li>
<li>You could also give the lender a bank statement for a line of credit.&nbsp; If you don&#8217;t have a home equity line of credit, you might consider getting one.&nbsp; This is just as good as cash in the eyes of a lender looking to sell a property.</li>
</ol>
<p>The point is, just make it easy for your realtor.&nbsp; Make it easy for the seller to see that you have the money to close.&nbsp; Then, just keep firing out offers until you get one.&nbsp;</p>
<p>&nbsp;</p>
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