Andre's Journal

Congratulations, Andre. I am sure you're going to be successful and want to be kept informed about the deals! I hope they work out for you. Welcome to the site.

James thanks. Good luck to you too. I see your making moves in you journal too.

House #2 I didn't get. It is on deposit now I guess from someone with a higher offer. Not happy.

The next one will be yours. Just a matter of time, my friend.

Hey, Congrats on starting your exciting REI career! And congratulations to you and your wife, with a new little one on the way!!

It's good to have you here, and we look forward to following your journal.

God bless,

Rina

It's good to be here Rina thank you. I will keep digging.

It's going to happen from time to time, don't get discouraged. Keep the faith, stay positive, there's another one around the corner, so stay with it. That's one more NO that brings you closer to that yes... It's a numbers game.
Continued blessings to you,

Thanks Elena.

Hey, anytime. We've all been there partner. I'm glad to help!

Ok. House #1 I didn't get either. They took a higher offer. Still working on the 3rd though. Nothing yet maybe this Friday.

My neighbor just asked me if I want to be on her deed. Just like that!! I couldn't believe it she said no strings attached.

Now that I have your attention here is the story. She is on the mortgage and owes 100k on the house. Her live in boyfriend is on the deed not the mortgage. They are having trouble keeping up with payments because the boyfriend is not helping. They are splitting up and she wants to buy him out so he can move. They are both 55 years old (not that it matters but) he needs money to go. Knowing this situation she asks me today to be on her deed to get rid of her boyfreind. I know it makes no sense so I tell her this. since my being on the deed will not get rid of him. She says she wants to buy him out. So I say how does my being on the deed get him money? And she has this wacky answer which I don't remember. Now. I say sure. I don't see how it will get him money and him to leave but sure. I will get on the deed, after, of course, I do diligence and make sure it's all good. But the problem is still there. The guy will still have no money and he's still home. And she says yeah I am working on getting the money. (doubt it) She's is all messed up in the head over this. And delusional really. Her whole thing is she wants to stay and not have to move. So I say I have a more realistic idea in which she can stay and he can go. The house is worth 250k easy. Her mortgage payment w/taxes is $1300 a month. I said I will buy the house from her for $150k. She can put $25k in her pocket and so can he $25k. He will move and she can stay providing she get a roommate to help pay ME the rent. Everybody is happy. Me for getting a great price. Her for being able to stay and have $25k in her pocket and her ex for being able to leave with $25k. Well she cried when I told her this because she knows the house is worth more but I told her I will pay more but than she would have to move because the mortgage would be more than she can afford for rent.

She told me to think about her proposition (which is I think is nuts) because the boyfreind is still there. Her main objective to buy him out.

And I told her to think about mine.

The bottom line is she has to do something fast because she uLtimately may lose the house if this keeps up with him not leaving unless he gets bought out and being really spitefull by not paying anything towards bills. In his mind, what does he care. He is not on the mortgage and he is living for free.

If anyone has advise about this crazy situation feel free to let me know. I could use some.

P.S.
As I'm typing they are next door screaming at each other. Oh boy.!!

Wow, you're really in a battlefield here. Look, a good deal is great, but do you really want all this headache? Tell her to contact you when and if she's ready, then I'd keep looking, that way you don't have all your eggs in one basket. This might take a while to get things solved, don't waste time on it, keep looking, there's an abundance of homes out there. The right one will come along soon, don't get discouraged, just have faith!
Hey, I hope I didn't discourage you by saying that, I'm just trying to help, I'm sure you know that by now.

Hey, thanks for posting your story. VERY bizarre and interesting.
Of course you are absolutely right, do NOT put your name on the deed!
But that was really good thinking, the offer you made to her. Like Elena said, don't COUNT on the deal, but hey you made the offer, now she's got something to mull over and might decide that's the easiest way out. Way to think a little different!
Keep us posted as the saga continues.

God bless,

Rina

Thanks for advise. You are both correct and I am not counting on the deal. Still working on other stuff. A situation like that is ugly since it involves emotion and relationships. I will sit on the sidelines and see how this pans out. I would just hate for another invester to sneak in here and take over since she said the neighbor on the other side already wants the house. We'll see what happens.

Elena, you didn't discourage me. You're great.

Rina, I will definately keep you posted as the saga continues. You're great also.

Andre'

When she's ready she will call you because you 'cared' the other investors don't, they will just try to take advantage of her situation and make a low ball offer.

My offer was not accepted even after I counter offered. This time they never contacted my Realtor and just took the house off the MLS. My Realtor says there's nothing he can do but I know I can do something. It's empty and the numbers work. What and who should I contact?

Did they give a reason for taking it off the market? Did the listing agent's term expire? If your realtor doesn't want to do anything for you, contact the bank directly and speak to someone in the "loss mitigation" department, or the REO representative. See if you can work directly with the bank or if the property is still going through an agent.

I have been running across a lot of strange things this year with the bank-owned properties. They would rather have a place sit empty for months (or YEARS) than to accept an offer lower than what they want. In the meantime some great places are becoming unlivable from pipes freezing and breaking, mold growing, weather-damage, etc, all from neglect. (Obviously, when it's all said and done, the banks end up with a bigger loss than they would have had if they hadn't been stubborn to start with.)

I'm thinking of one house in particular last month that had 3 offers and the bank rejected all three, not even counter-offering (And mine was only $5K less than what they were asking!).
I'm wondering if there's some kind of bail-out they're waiting around for.

Anyway, Andre', good luck. It never hurts to check into it yourself. And remember, if you feel your realtor is not representing you well, or is not living up to your expectations, find one that will.

God bless,

Rina

for the quick response. This house was on the MLS about a year now. It came off once because it expired and now I think it expired again. But the only contact I have on the property is thier realtor. I will go directly to the bank once I find who that is. After contacting them myself how do I go about making an offer?

you're welcome. I think at that point you could just discuss an offer with the rep that you talk to. I'm sure they DO want to get it off their books, despite the way they are going about things. I would say make sure you have your comps and the price you are willing to offer already worked out before you call them. You never know, they might be willing to accept your offer right then and there, if you're prepared. I imagine that would be better for them than having to list it again. However, since this is a place that you already offered on through your realtor, you might be obligated to keep him in the loop as far as commission. I'm not sure how that works. You could ask one of the realtors on the site if they know.

Rina

Don't give up, keep at it you'll get one if not that one. Rina's the queen on REO's so listen to her advice on this one. Persistance pays, so keep diggin til you find the person you need to be dealing with, it'll be worth it when you get that deal accepted!
God bless,

Thank you very much. Love the encouragement you two give.

Andre'

for letting us be a part of your journal. ALL REI is exciting. Whoever's it may be!
I'm looking forward to hearing you shout "YES! I did it!"

Rina

You are right. REI is very exciting. I can talk about that for hours.

I hear ya, me too! I go on and on... LOL!