OfflineHello All:
I have found an REO that looks very promising. I have read through "Profit From Real Estate Right Now!" once and am reading through a second time, and I want to put in an offer to lock it up. I do not have an agent at this time but am in the process of finding one.
The advice I need is what I should do next. I am very excited about this deal and would like to proceed quickly. Should I try and find an agent first or should I go for it on my own? I would prefer to work with an agent but am willing to go it alone on this deal. Any advice is greatly appreciated!
Thanks for your time and I look forward to your response!
__________________
Where are you located? I'm an agent looking to help investors -- I'm in Lancaster County, PA.
Thanks, Nadine
** Realtor/Investor in Lancaster County, PA
His Hope Enterprises LLC
Creative real estate solutions --> www.GetMeOutFromUnder.com
Traditional real estate help --> www.LancasterHomeHelp.com
Thanks for the response! I am located in Southern NJ...
I'm in Stockton, Ca and need a investor friendly RE agent.
Thanks,
AWFox
In THE EDGE 10 I found a way to locate an investor friendly agents. Call real estate firms and talk to the receptionist and ask for investor friendly agents. I tried it and now I have several who understand how investment techniques work. Also look in the books for questions you want to ask them. Hope this helps. Keith McDonald
Success be with you
I don't want the deal sitting there while I am trying to find a team player. I had already contacted an agent that sold me my house but never got a response! I would rather do something as opposed to doing nothing, Anyway so I assume that my next move would be to contact the bank to make the offer?
Thanks for the response!
I will definitely try it! I was also planning on sending the letter by Matt Larson by fax also...
You say this is a REO? If it is, submit your offer to the listing agent on that specific property. You do not need your agent, go directly to the agent that has the property listed. OK, you know what to do concerning this offer as far as the agent to use, right?
You tell this listing agent the following when you make your offer.
I pay cash and can close when the lender is ready. I don't use a bunch of silly contingencies and will NOT bring in another realtor.
The realtor and bank will see this as a serious offer and the realtor will double end the deal. A true motivation factor!
I don't know what your strategy is or how you have determined your offer price. Do you know how to make an offer? I will assume you are going to wholesale flip this? Do you know that you must have proof of funds and earnest money down to "lock up" a REO? Do you have a buyer? Are you planning on doing the fix/flip your self using a hard money loan?
If you plan on double closing and need transactional funds and proof of funds to make your offer go to http://www.mdtfcam.com to get that capability. You can make offers to banks that will be accepted! I use this stuff every day!
Michael Mangham
MD Home Acquisitions LLC
http://www.mdtfcam.com Transactional fund site
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
This is to Michael on the last post. if AMAGONAGLE does what you were saying could this be an assignment of contract/ Or would it have to be a double closing due to it being an REO?
Thanks for your time
Curtis Fillers(Charlotte,NC)
Hi Michael:
Thank you for the response! Very helpful. To answer some of your questions the property is currently listed at 50% FMV. I know the property has been sitting empty for about 2 years. I have contacted the listing agent to look at the property. My initial strategy was going to be to lock it up for 30 days and try and find a buyer to assign, but am not sure if this is the correct strategy since this is an REO. Would this be the correct strategy? As far as making an offer, honestly I am not 100% sure on how to make one. I do not have POF, but do have earnest money to offer.
I am unfamiliar with transactional funds and how they work (but researching)and am very interested in learning more about them and how to get set up. Is there any way you can PM me with more information? I would really appreciate it!
Thanks again and I look forward to your response!
Thanks for the info! I'm starting to get it. I contacted the listing agent and am going to look at the property. My initial strategy would be to do a wholesale flip but since I do not have a buyer, typically how long do I have on an REO to find one after I make an offer? I am just getting started and do not have a buyers list developed yet.
You tell this listing agent the following when you make your offer.
I pay cash and can close when the lender is ready. I don't use a bunch of silly contingencies and will NOT bring in another realtor.
The realtor and bank will see this as a serious offer and the realtor will double end the deal. A true motivation factor!
I don't know what your strategy is or how you have determined your offer price. Do you know how to make an offer? I will assume you are going to wholesale flip this? Do you know that you must have proof of funds and earnest money down to "lock up" a REO? Do you have a buyer? Are you planning on doing the fix/flip your self using a hard money loan?
If you plan on double closing and need transactional funds and proof of funds to make your offer go to http://www.mdtfcam.com to get that capability. You can make offers to banks that will be accepted! I use this stuff every day!
Michael Mangham
MD Home Acquisitions LLC
http://www.mdtfcam.com Transactional fund site
it's best to have your buyers list ready before you start looking for properties; otherwise you may end up loosing your deal, or having to use your own money to keep it until you find a buyer.
Wishing you great success.
Valerie
Valerie
“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss
"I believe in angels, the kind that heaven sends; I am surrounded by angels, but I call them friends" - Unknown
My journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/59110/...
Thanks for the response! I would prefer to have it but not sure how long it will take to get my list together. I know there are many variables but typically how long does it take to develop a list and how many buyers should you ideally have to get started? Any info is greatly appreciated!
Wishing you great success.
Valerie