Flip This Wholesaler

6/25/09

Even though I knew this was going to happen, I’m still irritated as all get out…..The deal that I lost a few weeks back (the one that dragged on for 2.5 months because the asset manager is a moron), ended up coming back on the market for LESS than what I was trying to renegotiate it for. Someone else now has it under contract. Probably DB.

You would think that the worthless agent would have called and given me a heads up, especially since I was giving her both sides of the commission and was ready to close yesterday. I guess that would make too much sense, though.

Oh, well. Win some, lose some..

In other news, I’m currently working a deal with Murphy that we should be getting locked up today. This is a property that I offered on right when it hit the market and they rejected it. So, I waited 2 weeks and had Murphy put an offer in on it. I have an investor who really likes this area, and I know he’ll like this house, so I want it. We’re only a few grand apart with the bank, and I think we’ll be able to get it wrapped up today.

That’s about it for now. A bunch of new properties hit the market over the last few days, so I’m off to check them out!

Have a great day, Blogosphere!

P.S.
A big, virtual, pat on the back is in order for one of my readers, Alex. He enrolled in Lee’s REO Rock Star course last month and just got his first property under contract! Nice job, buddy!

Fortune favors the bold, guys, so get on out there and MAKE SOME OFFERS!

6/9/2009

So, I received the following email yesterday from the bank’s title company regarding the deal that has been extended by the bank 3 times and that is supposed to close tomorrow….

“I have received the deed in today from the seller and that completes all the items I needed in order to move this file to the closing department. We will need an extension signed to on/or before 6/19. The seller requires at least 4 days to approve the hud so this will not be able to close on 6/10.

Robin, please discuss with your buyer as she called and wanted a status.

Claire will be the closer on this and she can be reached at xxxxx@zzzz.com and ext 2153. Please communicate and coordinate the
closing with Claire directly.

Thanks,
Lois”

So, we are now extending for a FOURTH time. What a joke. I find it especially hilarious that the bank needs four effing days to review a HUD. Also, if they need four days, and yesterday was the 8th, why do they need to drag it out until next Friday the 19th? Inquiring minds want to know. It’s like they want to hang on to this piece of crap house as long as they possibly can. I should have tried to wholesale it back to them instead of DB.

As I mentioned before, because of the 2 weeks of rain we got in Tampa recently, this house sustained quite a bit more damage than was initially present when I put it under contract. I went out yesterday to take pictures, and also had a contractor write me up an estimate to send along with my request to have the price reduced by $2750 (I plan on splitting the savings with DB so he doesn’t walk from the deal).

Here’s a peek at what the ceiling looks like after 2 weeks of rain….

More mold- yay!

Second hole in ceiling…

Now, you would think the (lazy, incompetent) asset manager would take a look at these pictures and say to himself: “Self, I guess I shouldn’t have taken FOUR WEEKS to get the deed package signed! The house looks like an even bigger piece of crap than it did initially, so I guess I better drop the price a few grand and get this thing off the books.”

That’s what I would do, anyway.

Then again, I’m not lazy and incompetent, so what do I know?

I’ll keep you posted….

6/3/2009

So far so good with my Power of Less Challenge. It’s day 3, and I’ve been up at 6am all 3 days, and in the pool swimming laps by 6:30. I wasn’t aware of it until yesterday, but apparently Michael Phelps lives in my building, and trains in the pool on the 8th floor. OK, not really, but there’s a guy who looks just like him who was at the pool the same time as I was yesterday, and he was swimming up a storm and making me feel like a total jackass. I may as well have been dog paddling… he was swimming 2.5 laps to every one that I swam. It was quite embarrassing, but I ended up getting a phenomenal workout because I was trying extra hard to keep up with him. I can barely move my arms today, which is a good thing…

On the real estate front, things are going well. For the most part. The short sale that I got under contract a few weeks ago is scheduled to close next Friday. The deal that has now been extended 3 times looks like it is going to crash and burn. The new extension goes until the 10th (next Wednesday), but I don’t have any confidence in the bank signing the closing documents. DB is the buyer on this one, and he said that if it isn’t ready to go by the 10th, he is going to pass, and I can’t say I blame him. It’s been over six weeks now since we signed the initial contract. Also, there is a leak in the roof of this property, and after all of the rain we got these past few weeks, there is quite a bit more damage (and mold) than there was a month ago. The bank actually sent someone out to cover the roof with a tarp last week (after I called and complained), but the damage has already been done. I tried to get them to knock off a few grand to compensate, but, being the ignorant assholes that they are, they wouldn’t budge.

I sent an email off yesterday to both the listing agent and the title company letting them know that I am going to pass on this deal if it doesn’t get closed on or before the 10th. Both of them forwarded it to the bank’s asset manager, who, apparently doesn’t give a crap. If they aren’t able to get it done by the 10th, I’m going to try one more time to get them to knock several grand off the purchase price. If they say no, I’m going to have to walk. Nothing like having a payday flushed down the toilet because of someone else’s incompetence. Yay!

Other than that, I’ve been busy making offers and looking for buyers. Gotta keep the funnel full..

Gotta run- later alligators!

5/20/09

I forgot to write this in my last post…. one of the deals with DB closed on Friday. The other one is supposed to close tomorrow, but Deutsche bank is too busy to sign the deed package, so we have to get ANOTHER extension until the 28th. This will be extension #2. The first time we had to extend it because Watson Title didn’t have the lien search done yet (because they suck), and now that they have everything ready to go, the bank is too busy to sign off on the paperwork.

This makes no sense to me at all. Why in the hell do they need an extra week just to sign paperwork? And how is it that they have time to sign another extension, but they don’t have time to sign the deed package? Inquiring minds want to know.

You might not think waiting another week is that big of a deal, but there’s a lot that can happen in one week….. Deutsche could get bought out by another bank the day before closing (this actually happened once), Obama could come up with some nifty new legislation banning investors from buying REOs because we are all evil capitalists, DB could get thrown in jail for cocaine possession, the house could burn down, etc, etc.

You just never know what’s going to happen, ya know?

Later alligators- gotta go make some offers…

P.S.
Someone found my blog yesterday by googling “Watson Title Sucks.” Hehe.

P.P.S.
To all of Steve Cook’s coaching students- don’t forget to sign up for the REI 2009 Bootcamp that he is doing with Shaun McCloskey- we get to go for free! There are 2 locations and dates- I think I’m going to go to the one in St. Louis. Hope to see all of you there.

3/10/09

Well, I’m supposed to have a closing today, but the bank’s title company, of course, is not ready. Apparently the lien search is not in yet, which is what happens when you don’t start working on a file until 2 days before closing. Who knew?

So, today my job is to harass the ever-loving shit out of them until they get so sick of hearing my voice that they do whatever is necessary to get the search done and the docs sent out. You might think this is being excessive, but if you don’t stay on top of the closer, your file will just sit and collect dust with all of the others. I also told them that I am going out of the country on Thursday (not Friday- if you tell them Friday, they won’t have it ready until Monday. If you’re lucky).

There’s a small chance that it might close today, if they get the search back early enough. My title company is ready to go (I heart Peer Title), and Lee’s buyers are ready to go. we’re just waiting on the bank…

I’ve got a whole mess of offers out there right now, and should be getting some counters back today. I’ve been staying consistent with making 3 offers/day. I try to get out and look at 3 houses first thing in the morning (after traffic dies down), then come back home and write the offers up. My goal is to look at 3 houses, make 3 offers, and run 3.5 miles by noon every day. I feel like a rock star when I do this.

That’s all I’ve got for today.

Happy Tuesday, Blogosphere!