If thats true, a 2% deposit should get you an accepted offer 30 day offer, even without a proof of funds letter. Then you can do all these A-B-C transactions you speak of, and make a good profit.
But without that level of commitment to the seller, you really should be careful of what you are going if you do get lucky and tie up someones property (with out deposit) with a bunch of BS that heavily depends on shopping to a 3rd party. I have no idea why people accept offers like this, but i guess they still do if they dont have a realtor.
"In this area you need both a proof of funds letter and the earnest money deposit."
Well I guess you learn something new everyday. I didnt realize that a PoF letters was a requirement in any state. I just bought a 100k property in Mar 09, they didnt ask me for any PoF, just deposit, but that was Louisiana.
Good luck getting your letter, i didnt realize it was mandatory in that state.
Contact me. I am interested in lending. We can learn the process together.
All I have seen want large fees to join. The lowest Ive seen is $1,900 and one is charging $15,000
Watch out HUD and FHA has new laws regarding this matter. Suggest you go on line and read up on it quickly.
One lender has lost their contract with FHA and has closed their doors because they did what you are asking about.
"I have an earnest money deposit,"
If thats true, a 2% deposit should get you an accepted offer 30 day offer, even without a proof of funds letter. Then you can do all these A-B-C transactions you speak of, and make a good profit.
But without that level of commitment to the seller, you really should be careful of what you are going if you do get lucky and tie up someones property (with out deposit) with a bunch of BS that heavily depends on shopping to a 3rd party. I have no idea why people accept offers like this, but i guess they still do if they dont have a realtor.
"In this area you need both a proof of funds letter and the earnest money deposit."
Well I guess you learn something new everyday. I didnt realize that a PoF letters was a requirement in any state. I just bought a 100k property in Mar 09, they didnt ask me for any PoF, just deposit, but that was Louisiana.
Good luck getting your letter, i didnt realize it was mandatory in that state.