Flip This Wholesaler

2/3/2008

The bank wouldn't go any lower than 65k on the property I was talking about last time. Darn. So close. I'll be resubmitting my offer in 3 weeks, or, if they happen to reduce the price before then I'll be all over it.

Yesterday I faxed out 3 more offers. One of them just came back on the market from another wholesaler who couldn't find a buyer. He was asking WAY too much. I always check my emails and also Craigslist to see which properties have been previously under contract, and what they were being marketed for. Also, I hijack pictures so I don't have to go out and take any myself. Hehe.

Oh, this is really funny.....Friday morning, I made an offer on this DUMP in the hood that had just been reduced by 15k. The realtor called me in the afternoon and told me he felt good about getting my offer accepted, but that I would need to put down 5k as a deposit. He told me some of the banks are starting to ask for more escrow to weed out the guys who are walking away from deals. We got to talking, and I asked him if he had received many offers since the price had just been dropped. He told me only one other person submitted an offer, but he couldn't come up with the 5k deposit. After I got off the phone with the realtor, I called up my hood buyer to see what he thought. He just happened to be in the area (he's always in the hood looking at houses), so he drove over while we were talking. So, while he's inside the house looking around, I get an email from another wholesaler advertising this particular property and saying he had the contract on it. Hmmmm. Interesting. I just talked to the realtor 10 minutes ago, and he said otherwise. My hood buyer is also on this guy's buyers list, so he got the email as well. We both sent him an email asking him if he actually had it under contract (I asked nicely, and HB asked if he was "blowing smoke up his ass"), and he emailed back saying that yes, he did have it under contract. Liar, liar, pants on fire. I called the realtor a little later to ask if it was available still, and he said yes. So, I faxed him the new offer with the new deposit amount. The bank countered back 5k lower, and I countered back 1k higher. I'm still waiting to hear back. We're still a few grand apart, so who knows what will happen. Meanwhile, though, this other wholesaler is marketing a property that he doesn't even have under contract! He's got it on Craigslist and everything. No shit. I can't think of a better way to piss a buyer off than to have them go out and look at a property, put an offer on it, and then find out that some other wholesaler (me) really has it under contract. Funny, huh?

In other news, I just got the worst haircut EVER. I look like an idiot. I've been going to the same girl for like, 10 years, and I LOVE her, but this time, she really effed up. I was going for Audrey Hepburn, circa 1965......



and I ended up with Joan Jett, circa "I Love Rock and Roll". Ewww.