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Can you lock up property with out Proof of Funds on a Foreclosure in Virginia

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November 16 2009 - Woodbridge
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Answers (5)

LWIJONES,

In THEORY, you could as long as you find a willing Seller, and in this case a willing lender since it's a foreclosure.

In theory, as long as it is legal and an arm's length negotiation, almost everything is possible.

However, in practice it's a different story. Look at it from the seller's/lender's perspective.

Why would a lender want to deal with you if they have other offers WITH proof of funds?

Of course, unless you submit an amazing offer .... but then it would cut into your profit since you want to assign it to another investor.   

And most lenders are not gullible enough to not see through your "offer" without the proof of funds. They want a solid contract, not just an "offer."
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November 17 2009
Assignments are a hard sell these days. I don't know that this would be my route into real estate were I in your shoes. Too much late night cable?
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November 17 2009
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Sounds like you are trying to "flip" the house.   If you don't have proof of funds, your offer will not be accepted.   Flipping is not easy and carries a lot of financial risk.
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November 17 2009
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I am a beginner Investor and I lack funding so I wanted to assign the contract to another investor for a profit.
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November 17 2009
If you're making an "all cash" offer, you'll need to provide a proof of funds letter from your bank.  Why would you want to do otherwise?
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November 16 2009
 
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