OfflineHello DG Family,
As of Friday we have officially closed our 3rd deal. The home was an REO we had put an offer on. The agent went back and forth with us but we stuck to our number. It was finally accepted.
Upon acceptance we already had an end buyer in mind and had everything set to go. Our closing on paper was for the 25th of this month but we set the closing for the 11th.
I had arranged for a simultaneousness closing with the title company and they negotiated with the bank and all parties agreed. This was great because this meant we didn't have to use transactional funding.
We had the property inspected, 4 contractors, and had the utilities turned on. 2 days before closing the inspector spooked my end buyer so they decided not to get the property.
In a panic right after we were told it was a no go I contacted every single person I knew on my buyers list by phone, email, REI clubs, forums, and I also placed ads online. 3 short days later we got another buyer and as of the 18th we closed on the property. YAY YAY!
Oh yes and for those who stated that grandview was dead this is in the heart of Grandview. We actually targeted that area because we have several people who were interested in the area due to a new university and church moving in.
Case closed moving on to the next. When something goes wrong try your hardest to find a solution. We called PMI, I talked to other investors, and I consulted with some fellow DG members as well. All in all it got sold and I am very proud of the work we did. 
WOOO HOOO!!!!
When you say thank you, you are telling the world that you want more. Say thank you every day! It will bring joy, and it will bring so much more.
Wonderful Work, was this an assignment deal??
For thou, O God, has proved us thou hast tried us, as silver is tried. Thou broughtest us into the net, thou laidst affliction upon our loins. Thou has caused men to ride over our heads, we went through fire, and through water, but thou broughtest us out into a WEALTHY PLACE. Psalms 66:10-12
We couldn't assign it because it was an REO a bank owned property. So what we did was lock it up in a contract and did a same day closing with both our seller ( the bank) and our buyer ( cash investor).
When you say thank you, you are telling the world that you want more. Say thank you every day! It will bring joy, and it will bring so much more.
www.virtue-investments.com
Hi & Congrats girl you got it , I'm needing Buyers to For my Deals in FL Shortsales I'm doing exactly what you're doing locking them up & doing A double closing on them only if I can get Motivated Serious Cash Buyers my way .
You can't Assign REO's , Short sales , Nor Foreclosures or Bank owned Properties The Banks won't allow it at all .
However What you do Is the same thing as she did Lock it up Under Contract & do A double closing all in The same day with all parties Involved .
This is what I'm doing & i'm assuming a lot of others are doing it as well Cause The Banks will not allow any type of Assignment Clause .
Congrats! So, did you get paid outside of escrow or how did you get your fee if you couldn't assign and didn't use TF?
Congrats on the close!!!
Good job Mabeka I knew you could do it.
http://kendrickpropertymanagement.com/
http://rochesterapartmentrentals.com/?page_id=10
Congrats again!
kanzaz88: I have actually seen where REOs have been assigned. It just depends on the bank.
Lenee
www.allstarhouses.com
~Act successful! And you'll draw it to you.~
~Every achievement, big or small, begins in your mind. It starts as a thought.~
thanks everyone for the support.
Dallas: What we did to get our fee was this. We got the property under contract for $40,000. I found a buyer would when all was said and done agreed to pay $43,000 for the house. All parties knew we were making money doing this.
How we did it was this. I made the closing for the same day which was the 18th. At the closing I signed the paper work for both transactions. The title company agreed to use the funds from the second transaction to pay for my first transaction. The balance is what we got which was a total of $2,767. We put $1,000 EM down.
With closing costs for two transactions our profit ended up being the $2,767. So technically I did a B to C closing first then my A to B closing after.
When you say thank you, you are telling the world that you want more. Say thank you every day! It will bring joy, and it will bring so much more.
www.virtue-investments.com
Makeba,
love your perserverance! I know you'll get #4 and #5 in no time...
thank you for sharing!
wishing you success,
Valerie
Valerie
“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss
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Way to go on your third deal !! I can see you are determined to succeed.congratulations !!
you r on your way to # 4, 5, 6............keep up your focus and stay in ACTION mode.
Jay
Click Here For homepage www.jaysthilaire.com
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Big congrats! Tidy little profit for not using your own money! Nice job using the double close and getting the title company to allow a "dry" transaction!
Yahoo!
Gena
Blessings & Favor,
Gena.
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I can do all things through Christ who strengthens me. Phil 4:13
Psalm 1:1-3
Thank you Lenee, Jay, Valerie, and Gena.
I am getting our next done really soon.
Prospect of a fire house and two more REO's 
When you say thank you, you are telling the world that you want more. Say thank you every day! It will bring joy, and it will bring so much more.
www.virtue-investments.com