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7/10/09
I just wanted to write a quick post to reiterate the fact that my title company, (Peer Title), rocks.
Having to constantly deal with incompetence and laziness from listing agents, asset managers, and the bank’s title companies, I can’t tell you what a breath of fresh air it is to deal with a title company that doesn’t suck.
I got an email from them this morning along with the preliminary HUD for the deal that I just got under contract (that isn’t supposed to close until the 24th). The email said, “We are ready to close this deal whenever you are ready..”
They haven’t even had the contract for 48 hours, and they are ready to close. God bless them.
I’m sure the bank’s title company will do their very best to fuck everything up, but it’s still nice to know that I have Peer on my side, ready to close the deal.
Amen to that.
If you’re in the Tampa Bay area, and you need an investor-friendly title company, give Peer a call: 813.870.1614. I’ve been with them for almost 3 years, and have never once had them drop the ball. They ROCK.
And that’s all I have to say about that.
10-4, over and out.
P.S.
Have a great weekend, Blogosphere!
P.P.S.
If you have any interest in securing private money to fund your real estate deals, set aside some time this weekend to watch Patrick and Trevor’s free training videos. They are providing a TON of free, quality info, including a Q and A session that is almost 4 hours long, as well as the power point presentation that they use when approaching potential private lenders. Lots of good stuff in there…
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On July 10, 2009 at 8:47pm, Anonymous said...
Hey Steph,
Does Peer close deals anywhere in FL, or just the Tampa area?
On July 10, 2009 at 9:13pm, Stephani said...
Good question.
I would think they could close deals anywhere in FL.
I'll check with them on Monday and see..
Steph
On July 10, 2009 at 9:36pm, ARodOfIron said...
About a week ago, I had a conversation with one of their attorneys (Chris, I think his name was), and he was very helpful in providing guidance on how to work the deal.
That's the one Lee recommended too, and the one I will use.
On July 10, 2009 at 9:43pm, Stephani said...
Hi Alex,
I really cant say enough good things about them.
Eric is probably the one you talked to. He's awesome.
Definitely use them for your deals. They will take good care of you.
Steph
On July 10, 2009 at 10:18pm, ARodOfIron said...
Eric, ur right!
On July 10, 2009 at 11:10pm, ARodOfIron said...
Hey, I seem to think we're going through another one of those REO dry moments, because I am seeing VERY few listings out there.
Do you ever offer on short sales (listed on MLS)? They seem a waste of time to me, but who knows, may be another source of deals if they take a low offer.
On July 10, 2009 at 11:28pm, Stephani said...
I will offer on the ones where they have an approval from the lender (it usually says so in the listing). Otherwise, I don't bother.
I've only closed on one short sale/wholesale deal, and it was one of Lee's deals. Sweet deal, too.
I keep telling myself that I am going to start making offers on more short sale listings, but it just seems like a huge pain in the ass, so I never do.
On July 11, 2009 at 2:19pm, ARodOfIron said...
Yeah, that's about what I thought. I wonder still if even if it says "approval", if they're open to negotiation.
For example, I'm being offered a house right now in Pasco to close on the 27th, but the price seems bit high for a good wholesale deal.
On July 11, 2009 at 2:52pm, Stephani said...
You can definitely negotiate.
A lot of the short sales on the mls are being negotiated by investors who are keeping the spread between what the bank says they will accept, and what they have it listed at, so there is room on a lot of them.
Make an offer that works for you, and see what happens.
Just keep in mind that there is a homeowner involved with these. I wouldn't put a short sale under contract unless I knew I could wholesale it, or unless I was planning on closing it myself.
These days, I don't mind jerking the banks around too much, because they do the same to me, but I certainly don't want to be messing with a homeowner who is about to lose their home to FC. Ya know?
I read a post on one of the REI forums yday where a guy has a short sale under contract that is about to go to auction in a few weeks. The deal sucks, and he is going to end up tying up the property and screwing the homeowner over, and he doesn't really seem to give a crap.
This bothers me.
On July 11, 2009 at 8:29pm, Anonymous said...
Hi Steph,
Have you ever considered hiring a transaction cordinator to help with your deals? Since you have alto going on it might help free some of time and pass the hasel to someone else. Just curious… I've heard you can hire one about 300 bucks and they don't get paid unless it closes. What is your thoughts?
Hugh
On July 11, 2009 at 8:45pm, Stephani said...
Hi Hugh,
It really doesn't take up that much of my time to make the calls and send the emails to check up on people. It's just irritating that I have to do it.
Also, I've found that when I put my deal into anyone elses hands and assume that they are going to take care of things, it never ends up happening.
The realtors on these transactions do not get paid if the deals don't close, yet most of them are lazy asses and don't do squat to ensure that the deal gets to closing. It's almost like they don't want to get paid or something.
Steph
On July 12, 2009 at 5:11am, ARodOfIron said...
Great thoughts on the short sale thing, Steph. It's something you may be prone to overlook, being that there are so many cooks in the kitchen (wholesaler, end buyer, investor, realtor… and homeowner!). Bidding on something with such a short timeframe could be very risky.
On July 29, 2009 at 2:20pm, Shawn said...
Hey Steph!
Are you also an agent? Do you make your offers on your own?
On July 29, 2009 at 2:45pm, Stephani said...
Hi Shawn,
No, I’m not an agent.
I make the offers directly through the listing agents. Previously, I was making them through a friend who has his license.
HTH,
Steph
On August 25, 2009 at 5:22pm, Charles said...
Okay I know you’ve probablly answered this a hundred times and I hate being 101 but I’ve been researching all day and couldn’t find my answer so…
What happens when the bank wants to use a title company that doesn’t do double closes? How are you getting the deals to your title company? Basic question I know but I’d appreatiate an answer. I know you say you don’t quit claim much so what exactly is the procedure?
On August 25, 2009 at 5:46pm, Stephani said...
Hi Charles,
Go here: http://www.flipthiswholesaler.net/category/how-to/page/2/
and scroll down to the 4th question…
Hope that helps,
Steph
On August 25, 2009 at 5:57pm, Charles said...
Excellent thank you steph this blog has been invaluable. I’m sure that Once I find myself a good Title company that does simultaneous closings they’ll also be able to help me through the process you outlined there.
Thanks again.