3/10/09
Well, I'm supposed to have a closing today, but the bank's title company, of course, is not ready. Apparently the lien search is not in yet, which is what happens when you don't start working on a file until 2 days before closing. Who knew?
So, today my job is to harass the ever-loving shit out of them until they get so sick of hearing my voice that they do whatever is necessary to get the search done and the docs sent out. You might think this is being excessive, but if you don't stay on top of the closer, your file will just sit and collect dust with all of the others. I also told them that I am going out of the country on Thursday (not Friday- if you tell them Friday, they won't have it ready until Monday. If you're lucky).
There's a small chance that it might close today, if they get the search back early enough. My title company is ready to go (I heart Peer Title), and Lee's buyers are ready to go. we're just waiting on the bank...
I've got a whole mess of offers out there right now, and should be getting some counters back today. I've been staying consistent with making 3 offers/day. I try to get out and look at 3 houses first thing in the morning (after traffic dies down), then come back home and write the offers up. My goal is to look at 3 houses, make 3 offers, and run 3.5 miles by noon every day. I feel like a rock star when I do this.
That's all I've got for today.
Happy Tuesday, Blogosphere!
Tuesday, March 10, 2009
Closing Today? Maybe.
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18 comments:
Steph, do you look at every house you offer on? I thought I remember you saying that you make blind offers.
Thank you,
Terra E
You ARE a rock star!! Go girl ;-)
Terra- I used to make blind offers, but now I go and look at all of them.
Shae- right back at ya. :)
Hi Steph,
When you say you half-assed it before you got your first deal, do you mean you would market for a while for sellers and then take a break for a while.
Thanks,
-Chris
Yeah, pretty much.
I wasn't very focused, and wasn't really giving it my all.
I didn't have any sort of system or action plan in place, and as a result, my efforts were very scattered.
Steph
Shake N Bake, Steph! LOL! (Sorry I just watched Talladega Nights, one of the most hilarious movies I had seen in a while)
I saw the beginning of that when it first came out and thought it was hysterical. I'll have to rent it again this weekend and watch the whole thing.
You simply must...I was cracking up! In the meantime, enjoy this little treat: http://www.youtube.com/watch?v=5A0-u85aAYg
Hehehe.
John C. Reilly is hilarious.
I want to start calling you The Costa Rica Chica. I don't know why I just like to rhyme words...LOL... Anyway are you making offers on property as soon as they hit the MLS? There are so many people here bidding that I'm out on the first day putting in offers. I just made an offer on a prop. listed at 19k and the bank came down to 12k and it was only listed for 4 days. Its crazy good right now, and the deals are plentiful but there is a lot of competition here... You seeing the same thing?
Hi Dustin,
There is so much competition here that I usually don't bother with the properties that have just been listed. If they come on the market at a good price there are usually between 10-15 offers within the first few hours. It's crazy.
I go after the stuff that's been sitting for awhile without a price reduction. That's what has always worked for me.
Steph
(the Costa Rica Chica) hehe.
Hey Steph,
I'm meeting with a realtor tomorrow and am interested in wholesaling REO's also. He would be my agent, buyer's agent not the l/a. What are some things I should say and not say?
Steph, you should start out the day running, bring your blackberry with you (does it have a GPS app?). Run to your 3 houses, then make offers using your BB on the way home, then by the time you get home, you're all done for the day! Have you figured out how to submit offers via BlackBerry yet? LOL!
Hi Bridget,
I have always submitted my offers through friends who were realtors, and they didn't care that I was wholesaling them.
You might get a little resistance from most realtors if they know you are not planning to buy the property yourself.
Just be sure that you can actually perform on the deals that you put under contract, otherwise you are going to burn bridges and piss a lot of people off.
Tim-
That is a FANTASTIC idea, although, I'm not so sure I want to be jogging around the hood... :)
Thanks Steph for the realtor info.
One more question, I am just getting started and really like the idea of marketing properties for other investors, how do I go about this? Do I need a specific contract/agreement with the investor or a finders fee agreement? How do I approach investors on this?
If you are licensed (I'm guessing you're not), you can get paid a commission on the HUD. Otherwise you can put the property under contract or option, and then assign your interest to your end buyer.
You have to be careful collecting a fee for putting a buyer and seller together if you are not licensed.
As far as approaching wholesalers, just start doing some networkng- go to some meetings, call signs, etc, and just be upfront with them. Tell them you are just getting started and want to begin building your buyers list, and ask if they would mind if you helped them market their properties.
Hi Steph,
I now understand what you ment by staying on top of your deals. I have been told for the past two weeks that we were ready to close. So I call the Realtor today and say hey are we still on for Friday. She said, "I have no idea". So after waiting to hear back from the title company they say that they did not catch the sheriff's deed and it went to the recorders office. So know they said it can be another 30 days before we are ready to close. I'm so pissed right now and I'm not sure if this deal is going to go or not. I'll keep you posted, but I will be sure to stay on top of the title company from now on.
Jessi
Sorry to hear that, Jessi.
You really have to babysit them and follow up every single day, because otherwise nothing gets done. The agents don't give a crap, either. They never have a clue what is going on, and don't bother to follow up until the day of closing.
Make sure you don't sign an extension with the bank unless you get one from your buyer that ends on the same day. Otherwise, you will be on the hook to close, and your buyer can just walk away.
Keep us posted.
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