Flip This Wholesaler

2/6/2009

It feels good to be back in the swing of things. Took me a day to get back on track, but now I’m ready to do some damage..

The deal I was working with Lee closed on Tuesday.

Still waiting on the bank’s title company to get everything ready for the duplex deal. This, of course, is the one I’m working with Murphy, and I’d like to just go on the record as saying that I think this deal is going to be added to the list of deals that we’ve worked together that have crashed and burned.

I get the feeling that something is awry, and every time the phone rings and it’s him calling, I just know he’s calling with bad news. Supposedly, the bank is trying to negotiate with the city to get a lien reduced (or something), but it seems to be taking an awfully long time, and I just think there is something else going on. Or maybe I am just paranoid because every deal that we have ever worked on together has ended up in the dumpster.

Yesterday, I got a call from an agent on a property that I offered on on (on on?) January 20th.

In case you don’t have a calendar handy- that’s over 2 weeks ago. Anyway, the property is listed at $29,900, I offered 11k (hehe), and the bank countered at $18,900.

Nice.

This house is a glorified shack, but if I get it cheap enough, I can sell it. Usually when they come down that far off of list price right off the bat, they will come down more. I’m pretty sure I can get 19k for this (famous last words), so I countered back at 13k yesterday afternoon, and hopefully will get a response back today.

I love getting good counters on Fridays, because then I have the entire weekend to get my buyers out there to look and give me feedback.

I’m back on the offer train, so today I’ll be looking at more houses, putting some signs out (in the cold), and blasting out some more offers…

Have a great weekend y’all…

P.S.
Countdown to Costa Rica, T-minus 16 days! Woohoo!

9/23/2008

I’ve been wondering what would happen if I got an REO under contract, and then never followed up (babysat) with the bank’s title company or the listing agent like I normally do. I kinda figured it would go something something like this……..

Yes, that’s right- NOTHING happens!! Nada. The Deal From Hell was supposed to close a week ago today, and I have not heard 1 peep from either the listing agent, or the bank’s title company. No extension of contract, no explanation of why we aren’t closing on time….NOTHING. This, for once, is a good thing, because my buyer (who is a liar, btw), is still scrambling around trying to put the money together for the down payment (that she swore up and down to me 5 million times she had) on her hard money loan. I’m just really curious to see how this turns out. Technically, I could just call up the listing agent and the title company, and tell them I want my deposit back and am not interested in buying this property anymore. We are out of contract, after all.

The other deal that was supposed to close yesterday is still up in the air. Apparently there’s still one lien hanging around that should have been wiped out in the foreclosure, but wasn’t, so they may or may not have to start the whole process over again. Or something like that. This may or may not take a really long time. No one knows. No one cares. Well, except for me, because I like to get PAID. I got this property under contract in July, btw, and have a 5k deposit just sitting there at the title company, which makes me extra irritated.

I’ve got a whole mess of offers out there right now, so I’m fully expecting to get another one under contract by the end of this month. I’m making my offers lower and lower these days. Seems that a lot of the financial institutions are in a bit of a pickle right now, so I’d like to take full advantage of the situation. Hehe.

Have a fantastic Tuesday!

P.S.
I was looking through the recent sales on the mls last night, and saw a HUD property that was listed for 75k, and sold for 38k. Not bad, eh? You can’t get deals like that, though, if you aren’t making OFFERS!! So get on out there and make some offers, people!

P.P.S
I guarantee you right after I post this, I’ll get a call from the listing agent of the Deal From Hell, telling me they want to close TODAY. Bastards.