9/10/2008
Well, it's official- I'm on vacation! I'm not technically leaving until tomorrow morning (not too excited about flying on September 11th), but I decided I wasn't going to make any more offers until I get back on Monday. It's tempting, though, as there are a few houses I have my eye on, but I don't want to be working while I'm back home, so I'll just wait until next week.
The two deals that I thought I was going to get, I ended up not getting. The one where the bank initially came down to 63k from 90k and then told me I had to resubmit my offer....well, when I resubmitted my offer, they only came down to 87k and wouldn't budge. WTF? And I even raised the earnest money from 1k to 2.5k! This is what I mean when I say that there is no rhyme or reason to what the banks do, and also why I LOVE low balling the shit out of them and taking them to the cleaners. They deserve it, as far as I'm concerned...... The other deal where I was in a bidding war with 3 other people, ended up turning into a bidding war with every wholesaler in Tampa, so I highly doubt I'm going to get it now. Can't wait to see how high it goes, though.
I've got one deal that is supposed to close on Tuesday, but I don't think the title company is going to be ready to close on time, and for once, I hope they aren't. In a nutshell, the hard money lender who is supposed to fund this deal, dropped the ball, and as a result, the inspection/appraisal has not even been done yet (should have been done last week), and I don't think there is a chance in hell that they will be able to fund it on Tuesday. This is partially my fault for not following up/babysitting like I should have been. Sometimes I forget that part of my job is to make sure other people are doing theirs.
Well, gotta run. I'll try to update at least once while I'm in beautiful, Middle of Nowhere Illinois...
It's not snowing there yet, is it?
Wednesday, September 10, 2008
Vacation, All I Ever Wanted
Subscribe to:
Post Comments (Atom)
7 comments:
Steph, What do you usually use to check what the property sold for? Do you just check it on the MLS since you have access to it? Or is it quicker to check the tax site in your area? Or do you check the transfers in the paper?
Hi Scott,
I use RealQuest for comps. I've found them to be pretty accurate and up to date.
Steph
Hey Steph,
I recently found your blog and I've just read it from past to present. Very informative as well as entertaining. I've become a fan:D I've been interested in RE for years, but I've just never been able to make that jump into wholesaleing. It's becoming increasingly clear that it's got to happen if anything in my life is going to change for the better.
So thank you, Steph, for telling us how it is, especially for us few women out there!!
BTW, maybe I missed this, but when you send offers, do you use a HML for your proof of funds?
Have fun in IL. Atleast it's not as cold as Minneapolis! :D ~Rachel
Hello Rachel-
Thanks for reading, and nice to see you here...
About the proof of funds- I am using a statement from my Dad's line of credit on his house.
I've also used a letter from a HML in the past, but this seems to work just fine, so that's what I've been doing lately.
Take care,
Steph
Steph, you are addicted to this business! Take a vacation, and don't make any offers while on vacation!
middle of nowhere illinois?
Now THAT is funny.
When was the last time you ventured into that area of Illinois?
For me, it was a few months ago, and a few years prior to that..............and man oh man, what a change.
More development has happened in that area than I frankly wanted to see.....its downright crowded there now.
Do they even grow corn/soybeans in that part of Illinois anymore?
By the way, if you want to flip something while there, let me know....I have buyers up there.
Hi Jim,
both of my parents still live in IL, so I go back at least once a year.
I grew up in Hinckley (population 1500), and it really hasn't changed all that much since I left. There are still plenty of cornfields out that way. My Dad still lives in the house I grew up in, and there is a cornfield across the street, and one in the backyard..
My Mom lives in Elburn, and it has really grown since I left. They actually have a McDonalds now, and they are building a Walgreens as we speak. Hard to believe.
I'll keep my eyes peeled for any deals while I'm here. :)
Take care,
Steph
Post a Comment