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Pastimes : Let's Talk About Our Feelings!!!

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To: Ilaine who wrote (38450)	5/21/1999 10:09:00 PM
From: Ish	Read Replies (1) of 108807

<<I hate to sound dumb but the foreclosure notice says "certified funds." I have never had a letter of credit, I don't really know what that is. >> Jeez, I don't have a law degree, I had to plea bargain to graduate high school. 10% down at the close of auction means you gotta have 10% of the price in cash, good check or money orders. Now for certified funds you go to your bank and list your assets and liabilities. Get a bona fide paper on what they will loan you on the property. That says you can complete the deal. That is your letter of credit. The bank gives you a piece of paper saying you have x amount of credit on this deal. The property goes for $250k and you have $25k for the down stroke but only $200k for the loan balance, you're screwed. Now you have a letter of credit for $225k and congratulations on your new home. It's too complicated for me, that's why I save up and pay cash like my daddy did. Nobody turns down cash.

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