Flip This Wholesaler

1/3/2009

I got a counter offer today.

On a Saturday.

This is shocking.

I’ve never gotten a counter offer on a weekend before. Ever. I didn’t even know that REO agents and banks worked on the weekends. It’s hard enough getting an answer out of them on a weekday, let alone on a weekend. Again, I’m SHOCKED.

It’s especially shocking because I’ve been offering on this stupid house for the last six months. The listing just expired with the (worthless) agent who’s had it the whole time it’s been on the market, and it was just relisted a few days ago with another guy. I’ve come to the conclusion over the last year of making offers, that the agent who had this house originally, does not like to make money. Either that or she is just stupid and lazy. Or, maybe all three. I’ve probably made over 100 offers on her listings since last summer, and I have NEVER, EVER, received a single response. I’m not kidding. And, these are not all low-ball offers, either…. For example, this house that I got a counter offer on today…I made an offer on it 2 weeks ago when she still had the listing.. I offered 8k below list, with a closing in 1 week (or maybe 10 days, I can’t remember), all cash, no contingencies. And I got no response. Nothing. Crickets. So, I finally called her up a few days later and asked her if she got a counter from the bank, and also told her (in so many words), that I was willing to come up a little if they were willing to come down a little. So, she tells me she will call me right back, and then I never hear from her again. This was on a Friday afternoon that I called her, and so I waited until Monday afternoon, and when I still hadn’t heard from her, I called again (twice), and left 2 messages, and then I sent 2 emails. No response. More crickets. This is unacceptable to me. Seriously. WE ARE 8K APART AND THIS HOUSE HAS BEEN LISTED FOR 6 MONTHS! WORK WITH ME HERE, YOU LAZY PIECE OF WORTHLESS REO AGENT.. Geeze…

Anyway, so the property came back on the market a few days ago, I made an offer on it yesterday, and I got a response back today. That’s more like it.

I’m pretty sure California Guy will take it, but he’s kind of been pissing me off lately and not giving me any feedback on the houses I send him. Maybe he wants to go find the deals on his own?? Have at it, Buddy. Look out for me and my cohorts, though, cause we’ll probably beat you to the punch every single time. Hehe. Just kidding.. Not really.

10-4. Over and out.

1/30/2008

Sorry for not posting much lately, I’ve been catching up on some non-related rei stuff that has been keeping me busy.

I got a great counter yesterday from one of the REOs I made an offer on Monday. It’s listed at $78,000, ARV $135k-ish. My initial offer was 50k, and they countered at 65k. I went out and looked at it today, and it’s not that bad. Broken windows, ghetto-fabulous addition that needs to be fixed, paint and carpet, and kitchen and bath updates are needed. I could sell it at 65k pretty easily, and actually have a buyer already lined up. I countered back at 55k and am now playing the waiting game. I decided I’m not doing anymore (or any more?) deals unless I can make at least 5k. Two of those a month, and I’m golden.

I spent the day following up on old leads, going through the newspaper looking for new leads, searching through listings, making calls, etc. I’m sending out more postcards tomorrow morning. I got 1 call from a postcard today. Not enough equity. I’m starting to wonder if there’s anything I can do w all theses leads I’m passing on. Some of them have decent equity (not enough to wholesale, though). Something to think about, I guess.

The house I just got under contract Saturday is still listed on the mls. The seller told me before we signed the contract that he had an agreement w his realtor and could cancel anytime for $600 dollars, and that he would cancel the listing once we signed. I sent him an email and called today (left a message) telling him that he needed to cancel the listing. I’m not going to start marketing the house until he does so. I have a contingency clause that I will use if he doesn’t take the house off the market. The last thing I need is to waste my time finding a buyer to wholesale to, and then have the seller find another buyer through his realtor. What if he doesn’t have the $600 to cancel the listing? I Guess these are things I shouldve thought about before signing.

I had a few lookers at my townhouse this weekend, no offers, though.

I got my first counter-offer yesterday from the property I looked at on Friday. I faxed over a letter of intent (after looking at the house and asking the realtor if it was ok to do so), for 91k. They countered @ 145, saying that was as low as they would go. At least I know my fax machine is working. I was starting to wonder.

Tomorrow I am going to look at some properties I got from the mls. Going to make offers on all of them.

Today I got a list of properties in pre-foreclosure. I’ve started to look through those listings as well, and will make offers on those this week.