Flip This Wholesaler

9/23/2008

I've been wondering what would happen if I got an REO under contract, and then never followed up (babysat) with the bank's title company or the listing agent like I normally do. I kinda figured it would go something something like this........









Yes, that's right- NOTHING happens!! Nada. The Deal From Hell was supposed to close a week ago today, and I have not heard 1 peep from either the listing agent, or the bank's title company. No extension of contract, no explanation of why we aren't closing on time....NOTHING. This, for once, is a good thing, because my buyer (who is a liar, btw), is still scrambling around trying to put the money together for the down payment (that she swore up and down to me 5 million times she had) on her hard money loan. I'm just really curious to see how this turns out. Technically, I could just call up the listing agent and the title company, and tell them I want my deposit back and am not interested in buying this property anymore. We are out of contract, after all.

The other deal that was supposed to close yesterday is still up in the air. Apparently there's still one lien hanging around that should have been wiped out in the foreclosure, but wasn't, so they may or may not have to start the whole process over again. Or something like that. This may or may not take a really long time. No one knows. No one cares. Well, except for me, because I like to get PAID. I got this property under contract in July, btw, and have a 5k deposit just sitting there at the title company, which makes me extra irritated.

I've got a whole mess of offers out there right now, so I'm fully expecting to get another one under contract by the end of this month. I'm making my offers lower and lower these days. Seems that a lot of the financial institutions are in a bit of a pickle right now, so I'd like to take full advantage of the situation. Hehe.

Have a fantastic Tuesday!

P.S.
I was looking through the recent sales on the mls last night, and saw a HUD property that was listed for 75k, and sold for 38k. Not bad, eh? You can't get deals like that, though, if you aren't making OFFERS!! So get on out there and make some offers, people!

P.P.S
I guarantee you right after I post this, I'll get a call from the listing agent of the Deal From Hell, telling me they want to close TODAY. Bastards.