11/26/2008
Well, it looks like out of the 4 deals that are supposed to close this week, not a single one is going to close on time. Dang. Should have kept my big mouth shut, huh? All four are being held up by the banks and/or their title companies. I have a feeling that one of them is not going to close at all. This is a deal that I am working with another wholesaler, and together, we are cursed. Every single deal we work on together ends up falling apart for one reason or another. It's the strangest thing. He was involved in the Shady deal, and we have worked on 4 or 5 deals since then, and none of them have panned out. This one was supposed to close Monday, but we do not have clear title yet, and I have a sneaking suspicion that there is going to be some sort of title problem that can't be resolved easily/quickly. Just a hunch I have, and have had it since the day we signed the contract. The buyer is a cash buyer and really wants the house, so there are no worries on that end. Which is good, provided we can get clear title.
Apparently everyone in the industry is taking this week off except me......I can't get a phone call returned to save my life. I called 4 realtors yesterday for lock box codes, and as of this morning, have not heard back from any of them. I got in the houses anyway, but that's beside the point. Hehe.
That's all I've got for today.
Happy Turkey Eve!
Wednesday, November 26, 2008
Happy Turkey Eve....
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7 comments:
Steph, that turkey pic is HILARIOUS :-) What's the deal with getting clear title on the REO? So the bank isn't cleaning up the liens on the property or something? When that happens and you have the property under contract does the deal just go away and you get your earnest money deposit back?
And speaking of deals not closing, have you ever had a REO under contract that you were unable to find a buyer for? If so, what did you do? Did you go ahead and close to save your rep or did you just lose your deposit and move on?
Have a happy Thanksgiving tomorrow and hope all your deals close next week!
Happy Thanksgiving Steph!
How many buyers do you have on your buyers list now? You seem to either be able to move your properties very quickly or have a buyer already lined up before you put a contract on a property.
And of those buyers how many do you have that are active cash buyers? I'm just trying to get a feel for where I need to be at. Thanks.
Chris
www.theindywholesaler.com
Hi Guys/Gals- hope you had a great Thanksgiving!
Shae-
I'm not exactly sure what the problem is with the title on this one- it's hard to get a straight answer from anyone at the title company. If they can't get clear title, then yes, I would get my deposit back and move on. I had this problem with the Stacy deal that I wrote about a month or so ago. There was some sort of title issue that needed to be cleared up, and it ended up taking them 3 months to fix it, in which time my buyer's lender changed his mind and backed out of the deal. I should have made 7k on that one, and ended up with a few hundred bucks.
I try to have my deals sold while I am still negotiating with the bank. I've only had to back out of one REO deal, and that was because my buyer's hard money lender did not come through, and the bank would not extend the contract.
I am very conservative with my numbers, and will not put something under contract unless I am 99% sure I can sell it.
Chris-
I'm not sure of the exact number of buyers on my list right now- it changes all the time. I do have 5 cash buyers that are waiting for me to bring them deals as we speak. You really only need a handful of serious buyers to keep you going.
Hope that helps,
Steph
Hey Steph,
I'm eager to know if you're going to keep the blackberry?
I'm going against my better judgement and keeping it. Maybe it will grow on me?
Hey Steph,
You are doing great as usual. I have 2 deals in the works now, which for me, is a record. One is a REO that a friend had under contract, then backed out using the inspection clause. List was $17k, they will take $10k. Then today the list was $11,900, so I offered $5k. We'll see what happens.
Other deal is an agent deal, I have friends that will make an offer using me as their agent. Not as sexy, but still a potential commission by the end of the year.
I am hoping that my 2009 will be like your 2008. I hope by this time next year I will have many more deals under my belt like you.
PS - I talked to a friend the other night who just bought a storm. He says it's junk, and he likes the iPhone better. I still have my BlackBerry 8800, and it suits me fine. Happy post- Thanksgiving!
Hey Tim,
Great to hear that you have some deals in the works! Just keep at it and you will eventually get to where you want to be. You've already stuck it out through some hard times and I have no doubt you will reach your goals.
Take care,
Steph
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