Flip This Wholesaler

5/7/09

Well, I finally heard back from DB.

He sent a text message on Tuesday in response to the text I sent on Saturday asking him if everything was still OK with the Pine deal. Here’s what his text said, “Star and 15th.”

Star and 15th are the two deals that he is buying from me, so, I guess that means that those two deals are still OK, and the other one is not. Or whatever. I have 4k in deposits from him, so I doubt he is going to walk away from these deals, but you never know. Unfortunately both deals have been extended until the 20th of this month (thanks Watson Title!), so I have to keep my mouth shut for another 2 weeks. Good times..

Let’s see..what else?

I’ve got a deal closing tomorrow that I am working with my friend Lee. It’s a small payday, but I have about 4 seconds of work into the deal, so I’ll take it and smile. :0)

That’s about all I’ve got for now.

Adios!

P.S.
I’m having some fun with the Sudanese scam artist. I’ll write a post about it after we go back and forth a few more times.

4/29/08

I had a closing Monday that went off without a hitch. It was supposed to close Tuesday, but the bank was actually ready to go a day early, which is shocking.

The one that is supposed to close Friday is getting extended for a few weeks. Watson Title was supposed to close it, but then it got pulled from them (haha), and now it’s being handling by a title co. in Clearwater. Seems like when the local title companies handle the title work it gets done much faster. It’s also comforting to know that if they stop answering my calls/emails, I can just drive right on over and pester them in person.

The supply of REOs continues to dwindle, causing all of us to scratch our heads and wonder where all of the inventory is going. It’s a big mystery. I just checked the number of lis pendens that have been filed in my county so far this month: 2077. Last month there were 2153, February there were 2062, and January there were 2022. Yikes. That’s a lot of foreclosures…

OK, Gotta run- some asshole took my sign off of the fence, and I’m going back to replace it. I may sit in the tree across the street with my sniper rifle and see if the perpetrator comes back to do it again.

3/12/2009

The bank sent over the closing docs yesterday afternoon for the deal that was supposed to close Tuesday, but we are still missing their title commitment (which my title company needs).

Also, the buyers want to have their attorney review all of the paperwork, but he thought the deal wasn’t closing until Friday, so we are waiting on him to approve everything.

I went in and signed all of my docs yesterday, and hopefully the buyers are going to go in this morning to sign their docs so we can get the wire sent out today.

I should be getting a frantic phone call or email any minute now from the bank’s title company asking where the wire is. I will just go ahead and ignore them, much like they have been ignoring me all week.

That is my very favorite thing to do, especially when I am out of contract with the bank and it is their title company’s fault. And especially when they have been blowing off my calls and emails all week. Hehe.

Meanwhile, the listing agent has NO CLUE what is going on, which makes it even more fun. Good times.

No bites yet on my offers. A lot of multiple offer situations, though. Everybody and their Grandma is going after REOs, so there’s quite a bit of competition.

Also, I’m not sure if I mentioned this, but there’s been a noticeable decrease in the amount of REOs on the market lately. Not sure if it’s because of the moratorium or what, but there’s definitely a lot less to choose from.

I check the amount of lis pendens filed in my county every month, and that has pretty much stayed the same (roughly 2000/month). I’ve heard from a few different sources (REO agents) that there is a huge wave of REOs headed our way. I guess I’ll have to wait and see.

That’s all I’ve got for today. Busy day ahead of me..

Adios!

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!

12/17/2008

Ahhhhhh.. These REOs. They are so much fun. So much dang fun I don’t know what to do with myself sometimes..

So, the deal that was supposed to close Monday, that they moved to today, that I am closing at my buyer’s title company because he doesn’t have an ID……well, that is quasi-closed. And by quasi-closed, I mean that all of the docs are signed, and my buyer’s funds (see below) are in escrow at his title company……BUT…..the stupid freaking seller has not sent the deed package to their title company yet, and my buyer’s title company will not release his funds until they get a copy of the signed deed from the bank’s title company (this could take years).

YAAAAAY!!

My favorite thing in the world is going to a closing and then leaving without getting paid. LOVE IT. This is the second time in a month that I have gone to closing, signed docs, and then walked out without a check. This really irritates the living crap out of me.

I think, perhaps, that the Universe is trying to teach me to be patient.

The Universe can kiss my ass.

P.S.
My sans-ID-buyer brought $25,000 CASH to closing today. No, I’m not kidding. 25k in cold hard cash. Thought about taking a picture, but I didn’t think it would go over too well.  WTF?