7/8/2009
So, I ended up finding another buyer for the property that I just got under contract. Actually, I found 3 buyers, but this guy was the first one to cough up a deposit and sign a contract. We met at my title company earlier today to get everything squared away.
This guy called me a few months ago when he saw one of my signs advertising a deal I had at the time. It took him a few days to go out and look at the property, and when he called to tell me he wanted it, it was already gone. I hadn't heard from him in awhile, and he just happened to call me on Monday to see if I had anything available. I told him about my current deal and he went out to look at it immediately (apparently, he learned his lesson about lolly-gagging) and called back within a half hour with an offer of 19k (I was asking 29k). I told him that was too low, and he said he would think about it and get back to me. Long story short, he ended up calling me back 3 times with higher offers (this is always a good sign), and yesterday we agreed on a price of 25k net (meaning he pays all closing costs).
It's 1k lower than the previous offer, which sucks, but I'll take it. I've got a lot of other stuff on my plate at the moment, and I just want to get this one squared away so I can focus on the other stuff... Also, this buyer is what I like to call a "Jackpot Buyer," so I'm willing to take a little less just to start building a relationship with him. He's got deeeeeep pockets, lots of properties, and best of all, he's not a douche bag. These are all qualities I look for in a buyer. My guess is that I will make a lot of money with this guy in the long run. Just a hunch.
Now I just have to get the bank and their title company to actually do their job. I'm a leetle bit scared that I haven't even received the executed docs back from the bank yet. Usually when it takes them several days to sign the contracts, it's a sign of what's to come. Also, this is the same freaking asset management company that was in charge of the last deal I was working on, that I ended up losing. This time, though, I have the asset manager's contact info (the listing agent accidentally sent it to me when she sent the bank's addendum), so I can personally harass the shit out of him if he doesn't get things signed in a timely fashion. Also, they are using a local title company, so if they suck (and chances are, they will), I can actually go into their office and harass them in person. Definitely a bonus.
That's all I've got for now.
Later Alligators.
P.S.
A big congratulations to Shae, who just closed on her first rehab, and also to Craig, who just closed on his first short sale! Both are shining examples of where PERSISTENCE and MASSIVE ACTION will get you!
Wednesday, July 8, 2009
Sold! Again.
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17 comments:
Nice work, Steph. I had a feeling you'd have it sold in a snap.
Bravo.
Ray
Gracias, Ray.
I look at finding the buyer as the easy part.
Getting the bank to the closing table is what I worry about.
I actually just got the executed contracts back, so that's a good sign.
Congrats Steph and thanks so much for the shout out! ;-)
Great job on the rewholesale.:) I knew you were going to get it sold again. As long as the deal is good enough Steph will find a buyer. Just to make sure you're not getting completely bogged down on this one, and since I'm on the making offers kick, how many offers have you submitted so far this week?
Hope everything else is going well too.
Hey Glenn!
Ummm...I actually have only made 1 offer this week, and it's on a property that I pretty much already have sold if I get it.
I've got some other stuff I'm working on that is going to take up most of my time for the next 2 weeks or so, so I'm going to lay off of the offers until then.
Normally, though, I shoot for 3/day, which takes me about 45 mins to do.
How about you? How many have you made?
Congrats on your recent deal, btw. :)
Glad to see the good news update on one of my favorite blogs these days!! ;)
Small paydays are better than none, and you are very wise in considering your future with this buyer.
Hey, I'm back to square 1 now, and I'm talking to an agent who seems to have a good deal brewing, but he says the house in on electronic key, so only an agent would be able to show me. I'm fine if the listing agent wants to show me the house, but I'm concerned about how to show it to buyers once I have it under contract.
Is this a reason to pass, or is there some other way I'm not seeing?
Hi Alex,
Glad to see you are back at it.
I've actually never dealt with a house that was on elec lock box. All of the ones I've done were coded.
If it's a good deal, I would go for it, and worry about the details later.
Doesn't your realtor friend have an electronic key thingy?
Steph
She must have one, but I'm not sure I want to get her that involved, if you know what I mean.
I've also just come across houses with codes up to this point. I wonder if this is one of those uptight agents or something.
I'm still wondering what I'd be able to do... I'll more than likely take a look at it next week, while at the same time meeting the agent face to face for the first time, and evaluate with the agent as far as repairs and such. If it's a good deal, I very well may heed your advice. :P
99% of the REOs are on coded lockboxes. There's one agent (Beth Martinez) who always seems to use electronic ones, not sure why. I usually just skip over her listings because I don't feel like dealing with it, but like I said, if it's a good deal, go for it and worry about the details later.
Where there's a will, there's a way. :)
Ha! We sent an offer to Martinez 2 weeks ago, and she wrote back saying it got stuck in her junkmail. :S
I had no idea she used elec boxes.
I'll keep you posted on how good this deal really is.
Hey Steph,
When you are working with new buyers like this guy, how do you determine if they are actually for real?
Thanks for all your help.
Ray
Hi Ray,
I always get a 2k non-refundable deposit (in certified funds), which usually keeps the jokers away.
After awhile, you can just tell by talking to someone whether they are for real or full of shit. Until you get to that point- just get a large, non-refundable deposit in certified funds, and you should be OK.
HTH,
Steph
Steph,
Congradulations on finding another buyer.... I knew you would do it.
Got me thinking about buyers... When your driving neighborhoods and you see for rent signs. Do you call every one of them? If so, what questions do you normally ask them?
Why I ask... I've been farming an area where it looks like investors are hitting it hard. But, I'm see alot of REO realtors listing and also a good bit of For Rent signs. Just didn't know exactly want to say or how to approach them?
Keep rocking girl.
Hugh
Hey Hugh,
When I drive through the neighborhoods looking for "for rents" I write all of the phone numbers down, along with the addresses. Then when I get home, I do a little research.... If the person appears to be a landlord or investor, I will call them up and ask if they are looking for more investment properties in the area. I just tell them flat-out that I am a wholesaler, saw their sign in front of a property, and thought I would call to see if they are in the market for more properties, and if so, what are they looking for?
I have been thinking about recording some of my calls and then posting them on here so you guys can listen, but I need to look into the legality of it.
Not sure if that answered your question. Hope so..
Steph
Hi Steph,
Yes you did answer my question.
I hope that you pull the recording off. I think that a good idea.
Hugh
Steph,
You're not supposed to turn my question back around on me.:)
I haven't looked at anything since I got the offer accepted last Wednesday since I was out of town for several days. Right now I'm spending time on preparing for the Monday closing and getting contractors out to the place to give me bids.
I'm also tying up a bunch of my cash in this one right now, so I probably won't offer on anything for at least a week or so, until I line up a way to get my cash out.
I only work half days on Friday so I'm going to be meeting with 3 bankers at small local banks to see what they might be able to do for me. I'll also be applying on Friday for another Corporate Credit Card, like Russ talks about, to give me access to some more credit. I already lined one up a couple of months ago.
So bottom line is that I'm not making additional offers right now, but I am taking some steps that need to be taken, and not just wasting time doing things that don't yield results.
Glenn
Nice.
I bet the small local banks will work out well for you. Not sure if you follow Nate over on the FH forum, but one of the reasons for his success is the relationships he has fostered with a few of the local banks in his area.
Congrats again on the deal. :)
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