OfflineHi everyone, I am so excited and scared. I submitted my first offer to a bank today for an REO. I am so nervous because I am trying to lockup the property before contacting my buyers. I found this property and could not believe it was listed for over $100k less than FMV and its City Assessment. The location is good, I am praying my offer is accepted because I really need this. I have contacted individual homeowners that were FSBO, but they did not want to negotiate the price. I have been trying to contact several homeowners and the attornies listed for preforeclosures and foreclosures, but I have yet to receive a return call from the attornies or homeowners except one homeowner that stated she was going through the legal part of foreclosure but unaware they had already listed it as a foreclosure. I was shocked and a little embarrased, but before ending the call I did leave my name and number if she changed her mind about working with me to purchase her property.
I am asking everyone say a prayer that this deal is successful. I will keep you posted.
Hey that's great. No matter what they say you now have made it through one more step or process and expanded your comfort or confidence zone by a little bit. The next one will be that much easier.
You said it was listed for 100k discounted. I'm curious, did you offer that or less? If you offered full price (or close) and your funding isn't shaky than I would think you have an excellent shot at getting it.
I'll have my fingers and toes and whatever else I can find crossed for you.
steve
"Do something you LOVE and you will never work another day in your life."
"Nothing can ever stop you without your permission."
"So long as you haven't quit, then you haven't lost."
thats great will be prying it works out. I am unemployed again truck driver. Tried of being on the road so I am trying this again i have my foreclouse list and i just did a re-finance of my house so i am at this again pray for the success of me and everyone else doing this god bless u
Well I am both nervous and excited. This morning I called on newspaper add and got my first Buyer for my list. I admit I always have trouble starting something new. I have got two of Deans books and read through them. I get so pumped up reading but seem to freeze up when it comes to action. Reading these posts encourage me a great deal. Thank you all for your posts and keep it up.
James Brogan
Hi, I am Susan and a newbie too. Havent' quite made that step yet as I am trying to clarify the forms and process for an assignment. I did find some GREAT Investors though with $$$$ that are looking for stuff around my neighborhood but, I haven't tried looking there yet. I get that you are nervous - me too and I haven't even started yet. My next step is to speak with the RE Attorney that I found that does assignments here in VA to make sure I am using the right forms etc. Don't want to put my foot out there and get it chopped off right off the bat. Well, I wish you the best of luck and I hope all goes well for you on this deal and many more.
Susan Roberts
"We can make a living or we can design a life." Jim Rohn
The only way to get experience is by doing. You have taken the first BIG step. I hope you get it but don't be discouraged if you don't get the property. Just move on to your next opportunity. Each step moves you closer to success.
Always Looking to Acquire Houses | Always Looking to Amaze Investors
its great, you are taking action. however, without clients you can't sell your products! it seems like you are focusing on your selling list more then on your buyers list. Build buyers list first, start with craigslist, backpage.com, kijiji.com and upillar.com, attend your local real estate club, go to actions and create flyers and banners! You should have at least 10 solid buyers before you start your search for sellers. Don't give up on this property, if numbers are right and your offer gets accepted start massive advertisement for the property,
good luck and let us know what happens next!
The first big step is a little scary. Good job getting out there and filling that "pipeline" of deals. Just a word of caution, don't put all of your eggs in one basket. Continue to find deals and buyers. If this one works out, then great. If not, move on. Don't worry about one deal at a time. Your time is better spent putting in lots of offers. There are a lot of great deals out there, just be persistent and excited to take on the world!
Way to get out there! If you are not making offers there is NO way you will EVER make money in this business!! No offer, no deal! You can talk all the theory you want, but you must do what you just did to actually get started. Great first step. Now the real education takes place!! Real world. Congratulations!!
You said you offered on an REO. What did you use for proof of funds and how much was the earnest money?
If you need help with the things you need to lock up your REO offers check out this website: http://www.mdtfcam.com I use this stuff DAILY.
Michael Mangham
MD Home Acquisitions LLC
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
Hi - any luck with this offer? Because you mentioned it's a bank REO, we're curious to see how they responded.
Wishing you good luck!
- Tom
Well it took so long to hear back from the Real Estate Agent(representing the bank), to only find out the bank had decided to take it off the market for re-evaluation. I am keeping an eye open for it to re-surface.
So, I am pushing forward.
So I did not close my first official offer. I was really disappointed on that, but I have moved on. I however have just had a narrow escape on this property. I physically viewed the property early one saturday morning and everything was nice and quiet. I thought this might be a good one if the owner can agree to a good price. I spoke with the owner, she agree on a price less 20k which put the property 38% below city assessment before rehabbing and after rehab it would be 3% below. FMV's were showing 44% after rehab. I thought all was well, until I mentioned my deal to a friend and they thought I was crazy for purchasing in that neighborhood. So I took a visit in the evening and was hit with a sledgehammer, the neighborhood was not as nice and quiet as it seems. Then this morning the owner came back with a counteroffer which then gave my head some relief because now the initial contract is null and void. I had my exit clauses in tack, so I was not worried, but this way is easier
Moral of Story: If possible try to ride through neighborhood at least 2-3 times at different times of the day. I recommend at least one of those times either be on a Friday or Saturday night.
Next time, before you get too excited, do drive by in the day and night, but first check out that section of the city's tremendous data re all sorts of info at: http://www.city-data.com/.
Dean highly recommends this site; could save you a bunch of gas and time.
Good luck!
Congrats on your first offer. It is a huge step, good luck with it. I hope that it works out for you!
Jeremy K.