5/20/09
I forgot to write this in my last post.... one of the deals with DB closed on Friday. The other one is supposed to close tomorrow, but Deutsche bank is too busy to sign the deed package, so we have to get ANOTHER extension until the 28th. This will be extension #2. The first time we had to extend it because Watson Title didn't have the lien search done yet (because they suck), and now that they have everything ready to go, the bank is too busy to sign off on the paperwork.
This makes no sense to me at all. Why in the hell do they need an extra week just to sign paperwork? And how is it that they have time to sign another extension, but they don't have time to sign the deed package? Inquiring minds want to know.
You might not think waiting another week is that big of a deal, but there's a lot that can happen in one week..... Deutsche could get bought out by another bank the day before closing (this actually happened once), Obama could come up with some nifty new legislation banning investors from buying REOs because we are all evil capitalists, DB could get thrown in jail for cocaine possession, the house could burn down, etc, etc.
You just never know what's going to happen, ya know?
Later alligators- gotta go make some offers...
P.S.
Someone found my blog yesterday by googling "Watson Title Sucks." Hehe.
P.P.S.
To all of Steve Cook's coaching students- don't forget to sign up for the REI 2009 Bootcamp that he is doing with Shaun McCloskey- we get to go for free! There are 2 locations and dates- I think I'm going to go to the one in St. Louis. Hope to see all of you there. :)
Wednesday, May 20, 2009
Deal Update
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14 comments:
Steph,
I'm heading to the bootcamp is St. Louis too. Trying to figure out the travel plans now, without the Super Shuttle. Maybe we can get daiquiris again.:)
Sweet!
My sister lives there, so I will prob just stay with her.
You better call the lounge in advance and make sure they have enough daiquiri mix on hand. You party animal, you.
Hey Steph,
Just curious... Did you sign up for the REO rockstar? I just curious what you thought of last night call.
Your already a rockstar so I'm sure you did sign up.
Hugh
Hi Hugh,
No, I didn't sign up for it.
How was the call?
It was pretty good call. I picked up couple of ideas.
Last night was mainly how to position yourself with REO agent. How to approach and the mindset.
I signed up because of your recommendation.
I know Lee has good relationships with several of the REO agents around here, which is something that I haven't been very good at doing thus far.
I think it's probably one of the most important factors if you are going to excel in the REO game, and is probably why he does 10x the amount of deals I do every month..
So, these are the last 2 deals with DB? Then you can poke him in the eye right? I'll be waiting to see how that turns out. (the closings, not the eye poke part) :)
Hi Kelly,
Only one deal left with him, and then I am done. Unfortunately it is dragging out, but hopefully we can get it closed next week so I can poke him in the eye like I want to. :)
Deutche Bank initials = DB.
Coincidence?
We've got a second delay with a Countrywide deal. In our case it's a switch in the Asset Manager.
Best --
jimi
I'll have to start calling it the DB squared deal. :)
Hope there's not too much of a wait for you. I've had them switch asset managers on 2 of my deals. Had to wait an extra few weeks on both of them, but they eventually closed.
Hey Steph,
I do data entry in the home mortgage dept of a bank. Everytime I go through the final HUD, and I see Watson Title, I think of you.
Just thought you'd like to know:P
Thanks for all your posts,
Rachel in Minneapolis
Hi Steph,
When you looking for buyers do you normally put out the signs yourself or have a hired hand to do it? Also, do you do it a particular time of day.
Hugh
Hi Hugh,
I put them out myself. I usually will do an mls search for REOs that are in the same area that I'm going to be putting out signs, and then I kill two birds with one stone and look at houses while I'm putting them out.
Most of the properties I sell are in the hood, so I try to get there as early as possible before people are out loitering in the streets.
Steph
I've had trouble on 1 of my 2 Deutche Bank deals...it wasn't fun, and it took three weeks to get resolved.
Unfortunately, it's not limited to just Deutche Bank...these days, all the banks are pretty f***ed up.
Good luck on this one, Steph!
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