Hi Guys and Gals…
Hope you all had a fantastic weekend!
I just whipped up another Reader Mail video for your Sunday night/Monday morning viewing pleasure.
If you have further questions after watching the video, feel free to leave them in the comments section and I’ll be happy to answer them…
Enjoy!
Please enable Javascript and Flash to view this Viddler video.P.S.
If you need a proof of funds letter to submit with your REO offers, you can get one for free at FundThisWholesaler.net.
P.P.S.
If you have a bajillion questions about the REO wholesaling process and want them all answered ASAP, pick up my Flip This REO! eBook today!
P.P.P.S.
Is it too much to ask for Viddler to pick a freeze frame of me where I don’t look like a jackass? Geeze.
On November 08, 2009 at 10:49pm, Brandon said...
Hey Steph,
Kind of off topic here, sorry.
Do you know if Peer Title will do simultaneous closings on short sale deals?
I think I remember you saying they won’t, but thought I ask to be sure.
Thanks,
B
On November 08, 2009 at 11:03pm, Stephani said...
Hola Brandon,
I’m 99.9999999% they won’t. You can give them a call to find out for sure (http://www.grumanlaw.com/), but I think they put the kibosh on doing simuls on short sales.
Are you doing short sales now?
Steph
On November 08, 2009 at 11:10pm, Brandon said...
I may be getting one under contract that was listed on mls.
Never done one before. I guess I’ll have to get transactional funding to close it if Peer won’t do a simultaneous closing on it.
On November 08, 2009 at 11:16pm, Stephani said...
Yeah, I don’t think there are any title companies in Tampa who will do one for a short sale.
Hopefully there’s enough room in the deal for the fees..
On November 08, 2009 at 11:27pm, Brandon said...
There is.
On November 09, 2009 at 5:40am, Shae said...
Great video, Steph. Of all the REO offers I’ve ever made in the past 15 months, I only got push back from the listing agent twice on a transactional funding POF letter.
Shae´s last blog ..More offers, more deals
On November 09, 2009 at 10:01am, Georgina said...
Great information Steph.. thanks, gb
On November 10, 2009 at 7:26pm, Chris Ranney said...
nice video Steph
On November 14, 2009 at 10:53am, Greg said...
Hey Steph. I’ve been trying to make offers on REO’s with a POF letter. The Real estate agents not only want a POF but a bank statement from the POF provider stating that they have the funds to actually fund the purchase. Any suggestions or does your transactional funding provide this with the POF? Thanks
On November 14, 2009 at 5:07pm, Stephani said...
Hi Greg,
No- transactional lenders will not provide you with an actual bank statement (none that I know of, anyway).
Like I said in the video- every lender will have different criteria as to what they will or will not accept, and there is not much you can do to change their mind.
Have you tried submitting the offer with a financing contingency? If they won’t accept that either, I would just move on to the next property.
Steph
On November 14, 2009 at 5:53pm, Greg said...
Not yet, will do that next. Tyvm.
On November 18, 2009 at 7:29pm, Adam said...
Hello Stephani,
Stupid question here, but what exactly is meant by “transactional funding”? I understand the concept of having to show a bank some sort of statement proving that I have the funds in a checking account or a line of credit or something, but how are those actually different than transactional funding? I think I’m just hung up on that wording…. I would greatly appreciate it if you could clarify.
Also, if the bank does reqire me to show funds actually in a checking acct or a line of credit can I simply use anyones (Dad’s, Grandparents, Friends, etc.) account (with the applicable funds in it) to just get the offer submitted? Let’s say I use my Dad’s line of credit statement and submit it with the offer. Do you think I would have to actually use funds from THAT account? Or could I fund the deal with some other acct after they accept my offer? I’m guessing they probably wouldn’t care…. Just wondering if you’ve ran across that.
Regards,
Adam
On November 19, 2009 at 6:19am, Stephani said...
Hi Adam,
Transactional funding is used when you are doing a double closing….they fund the first transaction (called the A-B transaction), but only if you have an end buyer lined up. Check out this link for more info:
http://fundthiswholesaler.net/how-it-works/
To answer your second question- yes, you can use a letter from someone else’s account, and no, they do not check to see if it actually comes from that specific account. For awhile, I was using a letter from a line of credit that my Dad had. I think there was only one occasion where they questioned it, and I just told them he was my partner on the deal.
Steph
On November 19, 2009 at 11:30am, Adam said...
Thanks so much Stephani. I appreciate it!
On November 20, 2009 at 9:53am, Tony Zamberlin said...
Hello Steph,
I have a quick ? Every morning i get up i feel like shit man, pretty lazy and negative most of the time!! How do i turn that around! I don’t think getting back on my wholesaling biz is a good idea until i feel good about myself and life bro!! might just make it worse. thanks alot
On November 20, 2009 at 4:11pm, Stephani said...
Sitting around doing nothing and waiting to feel better usually doesn’t work. You have to get out and take action of some sort, which will help you feel a little better, and help to build momentum.
I think Zig Ziglar said- “Motivation follows the action.”
It’s not the other way around..
Steph
On November 20, 2009 at 8:02pm, tony zamberlin said...
thanks Steph!!