Flip This Wholesaler

9/29/2008

Today was not good.

Mrs. Hancock decided to stop taking my calls, the bank will not give me another extension, and we are supposed to close tomorrow. Good times.

The other deal that was supposed to close a week ago is probably never going to get to closing. The assholes at the bank's title company will not return phone calls, and no one knows what is going on from one day to the next . Same old story. Blah, blah blah, I want to head down to Ft. Lauderdale with a bat...blah, blah, blah. You've heard it all before.

Oh, and I'm writing this post from one of the computers on the 8th floor of Skypoint, because my computer is FRIED!

AWESOME!

P.S.
No- I did not back up my files, and yes, they are all gone. Woohoo!

8/1/2008

You guys are all going to be shocked about this bit of information, so, please brace yourselves......

The pink house deal DID NOT CLOSE TODAY!!

I know, I know, it's SHOCKING!

Heck, it's only a month and a half past the original closing date- why on God's green Earth would anyone expect the bank to actually be ready to close?

What do they do all day over at Kahane and Associates, I wonder?

I imagine them sitting around playing Boggle, passing a bong around and eating sandwiches.....

Oh well- perhaps they will get to my deal next week.

Or maybe next month.

Or next year.

Assholes.

P.S.
I got another REO under contract yesterday. Could be my best deal yet. Well, unless the bank screws it up somehow, which is entirely possible.

Have a great weekend!

7/24/2008

Well, the deal that was supposed to close today did not close, and the one that is supposed to close tomorrow (the pink house that was supposed to close a month or so ago), is not closing tomorrow either.

Any guesses as to why they didn't close??

I'll give you a hint- it begins with a "B" and ends with a "ank's stupid-ass title companies."

My favorite part was this morning when they sent over an extension for the one that was supposed to close today (the one where my title company has been ready to close since last week and the lady at Watson bit my head off when I called her to see when we could close)...Anyway, so they send over this extension and tried to get me to pay $100/day for each day it goes beyond the original closing date!! HAHAHAHAHAHA!! At least they have a sense of humor along with being slow and rude and incompetent. I sent the extension back with the $100/day nonsense crossed out and a little note letting them know there is no way in holy hell that I am paying a single dime for their screw up. Haven't heard back, so I'm guessing they aren't going to press the issue.

Nothing else exciting to tell. I'm pretty close on another deal, but still going back and forth with the bank. We're 8k apart right now, and I'm not going any higher, so we'll see. I've already got a buyer lined up if I get it, so that's a bonus.

Roger Dodger. 10-4 Over and Out.

P.S.
If anyone has sent me an email recently, and I haven't responded, it's not because I'm an asshole, I am just really behind right now. I swear.

6/12/2008

We are still waiting to hear when/if we can close on the deal that was supposed to close Tuesday. No one will return a phone call, or respond to emails, faxes, etc. They are a bunch of idiots, and I hope they go out of business and end up on the streets. Really, I do. My buyer decided to wait to see if we could get this one closed, and in the meantime, the other deal I had lined up for him sold to another investor. HAHAHA. He is not going to wait around much longer, though, so if these assholes don't give us an answer soon (as in tomorrow), then he is probably going to walk from this deal (his contract was up on Tuesday), and look for something else. And then I am going to hop in my car and head down to Ft. Effing Lauderdale and set this stupid title company on fire. It would be one thing if they would acknowledge us in any way, and let us know what is going on and when we can close, but it is IMPOSSIBLE to get in touch with anyone who knows anything. VERY FRUSTRATING.

The other deal that is supposed to close tomorrow, I STILL do not have the HUD and title commitment for, even though the lady told me I would have it this morning, and then by noon, and then by 5, and now tomorrow. We are doing a simultaneous close on this, so I need to get the docs to my title company as soon as possible so they can get everything ready for the second half of the transaction. I can hardly wait to hear her excuse in the morning when I call bright and early to harass her.

To make myself feel better, I have been low balling the crap out of the banks all day.

6/11/2008

The closing that was supposed to take place yesterday didn't happen, because the bank apparently doesn't own the property anymore- so the file is now with a new lender (or loan servicer, or whatever), and as you would expect, nobody knows what's going on. They decided to let us know all of this yesterday at around 2:30, and we were supposed to close late in the afternoon. This is after the bank switched title companies while the property was under contract, but the first company wouldn't release the 5k deposit to the new title company, so the new title company wouldn't release any closing docs until they got the 5k deposit. So my friend who has it under contract had to wire another 5k to the new title company just to get it closed on time. And then after all that, it looks like we have to start from scratch. What a fiasco. So, we have no idea how long it will take for them to get everything in order to close this (days? weeks?), and my buyer doesn't want to wait, so I'm not sure what's going to happen. I should be getting a call any minute (hopefully) letting me know if they can get it closed any time soon. If they can't- I already have another property lined up for my buyer, that I will be able to make more money on, so I kind of hope we can't close on the first one. I'm counting on these inefficient, bumbling, hack-jobs to live up to their reputation- it will work in my favor for once.

The other deal that I have under contract is still on track for Friday, although I haven't spoken with the lady at the bank's title co since Monday, so I will have to call today to make sure she didn't forget about me/lose the file/lose the escrow check/etc. If you don't babysit, you can pretty much forget about anything getting done. It's kind of hilarious, really. I mean, you'd think that since most of these banks are SCREWED, that they might try to streamline the whole process of getting these properties off of their books, but instead they like to do things the slow, inefficient way. Makes perfect sense.

I'll keep you posted as to how this turns out- I'm sure there will be more comic relief to follow...

P.S.

JP Moses over at REI Tips is looking for real estate blogs to showcase on his website. If you're looking to get more traffic to your blog, I'd recommend heading over there and checking into it.