OfflineWe are sooooo excited tonight! We just learned that the offer we have been in negotiations over for the last 2 weeks has been accepted!
The Fair Market Value is $180,000 and we got it under contract for $97,000. We have already advertised it out to all our buyers and we are asking for a $3500 Assignment Fee. We also posted an ad on CL so that we can get the word out to as many buyers as possible, plus we may be able to build up our buyers list at the same time.
This offer has been an exercise in patience, something we are in short supply of! Our original offer was $90K to their asking price of $150K. At the time, they accepted another offer. Then about 3 weeks later, they called to ask if we were still interested, as the offer fell through. We said that we were, and a few days later, they countered at $135K. We then re-countered at $92K, with a deadline of 5 days.
The deadline was a MISTAKE! They changed their MLS listing to say, "Only taking offers until Wednesday! Another offer on the table." Our realtor said she couldn't believe the amount of interest that stirred in the property. Sure enough, another offer came in to compete with us. The listing agent said the offer was $97K, but contingent on financing and that they would rather take our cash offer. Would we be willing to come up $5000? We agreed, but said we wanted to hear by Friday (that gave them 2 days).
They completely ignored our deadline!! 
Friday came and went and NO WORD! We were so frustrated by this point that we decided to pull the offer, but our realtor said that she had worked with this bank before and they are notoriously slow. She recommended that we be patient and wait it out, because if we pulled our offer they might lower the asking price, thus generating more competition. We took her advice.
Then, this morning the listing agent called our realtor to ask us to continue being patient, and that HE was frustrated with the bank, too! At this point, we weren't holding our breath!!
Then, tonight at 4:30 we got word that our offer was accepted!! We now have a 10 day inspection period to get it assigned. WOW!!!
Let's just pray that we don't blow it NOW!! Thank you everyone for your support and words of encouragement!! We will keep you all updated!
Dominic and Kim
Go confidently in the direction of your dreams. -- Henry David Thoreau
Hi everyone! It's been a while since we've been on the site. May is a busy month for our family, plus the business has kept us hopping!!
Just to update on the deal, everything is going along very slowly. We are in contact with the lawyer handling Escrow and all is well. Apparently things don't happen too quickly at this stage! They have been saying all along that they wanted to close by the end of the month, but I don't see how that will happen at this point, especially with Memorial Day.
Our buyers are calling us asking if we have any more deals to offer them! It would sure be nice to get another offer accepted. We got a counter on a property we offered on, but didn't inspect. Our original offer was 50% FMV and the bank countered at 60% FMV. So Dom went to inspect the house, and it's in a HORRIBLE neighborhood and needs about $20K repairs. So we didn't even re-counter. If we got it at 50% I think we could assign it, but I wouldn't want to go above 50%. Our buyers prefer nicer areas, so we need to be paying more attention to the location of the properties we offer on.
We hope everyone has a wonderful Memorial Weekend! Talk to you soon.
Just to update on the deal, everything is going along very slowly. We are in contact with the lawyer handling Escrow and all is well. Apparently things don't happen too quickly at this stage! They have been saying all along that they wanted to close by the end of the month, but I don't see how that will happen at this point, especially with Memorial Day.
Our buyers are calling us asking if we have any more deals to offer them! It would sure be nice to get another offer accepted. We got a counter on a property we offered on, but didn't inspect. Our original offer was 50% FMV and the bank countered at 60% FMV. So Dom went to inspect the house, and it's in a HORRIBLE neighborhood and needs about $20K repairs. So we didn't even re-counter. If we got it at 50% I think we could assign it, but I wouldn't want to go above 50%. Our buyers prefer nicer areas, so we need to be paying more attention to the location of the properties we offer on.
We hope everyone has a wonderful Memorial Weekend! Talk to you soon.
Hey Dom, just wanted to know how you were able to locate your current buyers? Thanks!
Hi Wealth2009. We have found buyers in a number of different ways. Some through Craigslist, some through "We Buy Houses" websites and one I found while out inspecting properties, his truck had an "I BUY HOUSES" sign on it so we called him. Our buyers have come to us through lots of different methods. We are always on the lookout to add buyers to our list.
BTW, it's mostly Kim who writes on this website! But Dom is here in spirit!! He says "hello".
I want to start by saying you two are a huge inspiration to a newbie such as myself. I've been following all your post and I really admire how you two have obviously been putting your heads together and strategically going through all your actions. "AWESOME"
I have a question regarding your process of providing POF. I noticed in one of your other posts that you stated about printing off your letter from coastal and utilizing that for a couple of your deals.
I have read somewhere in these forums (forgot to bookmark..lol) that Coastal Funding (correct me on the name if you will) supplies proof of funds letters for a fee. Also they place a deposit in escrow for short term...they get it back once the assignment is complete. (please correct me if I don't have this process correct.)
If this is the case how do you complete the transactions with copying the same letter for multiple deals?
Once again thank you for inspiring, giving advise and walking us through your tranactions.
Oh and "Happy Belated"
"SEE YOU AT THE TOP!!!"
I am a newbie also and its inspirational to read about others having sucess at wholesaling. I wish you great success. I'm looking forward to when I can post my first success story here also.
Good Luck All!
Thank you for the kind words! For our POF letters, we go to Coastal Funding and simply request a POF. They e-mail it within seconds for FREE for each offer. They don't charge for a Proof of Funds letter. We have not used them to close a deal, yet, but when we do a double close, we plan to go through them. We just need to get some more offers accepted!!
Good luck to you and to naskesha!! We look forward to reading about your first deals!!
This is the link to the thread where you can read all about Coastal, don't forget to bookmark
http://www.deangraziosi.com/real-estate-forums/financing-and-credit/1344...
Thanks for your quick response and clarification 5H and the link Angela.
See what I mean... "AWESOME"
Wow!! that takes away my worries about taking on REO's and forclosures.
Thank you sooo much for taking the time to assist. I found the source where all the greatest people are in the world are.
Thanks again..
"SEE YOU AT THE TOP!!!"
We are happy to announce that we have "officially" assigned our first contract. The bank has accepted and signed off and our buyer is on the contract!!
Now we need to focus on getting MORE offers ACCEPTED!!
Putting in 15 offers this week, including a FSBO at 45%. Wish us luck!!
Congratulations and thank you for sharing your successful deal with us. It sounds like things are going well and your on the fast track to success. Good luck on all your current and future real estate deals! Believe and Achieve!
Indiana-Joe
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WOW!
Congratulations Guys!
You did it!
I am so proud and impressed with how you saw this through!
I am stepping up to speak for everyone, we all really appreciate you posting every step of the way!
Keep us in the loop all the way to the end where you go laughing, with your check in hand, all the way to the bank!
Angela
Just wanted to say congratulations to your offer and acceptance! It's a great thing to see people moving forth with this program. Looking forward to being able to share my own with you guys in the near future. Again, Much Success............Lubertha
"GOD IS STILL IN CHARGE, HE IS THE AIR WE BREATHE"
Thank you to everyone for your support and encouragement! It's been a long process, but sooooooooo worth it!
When we get that check in our hand we'll be doing the Dora the Explorer "WE DID IT" dance!!
I know what I am about to ask is not that hard but I just want to double check. When I find a seller lets say its a fsbo, I will make an offer and after he accepts it what contract does he sign.The purchase agreement,assignment contract, and property disclosure statement. I am missing any contracts for them to sign? Then my buyer will sign another purchase agreement and which one else?Also if I were to find a forclosed property owned by a bank what steps would i take to assign that property to one of my investors? I Will Appreciate The Help! I am working on my first deal and i want to get the ball rolling. I will need everyones help. Thank you
If you want to have a free, yes totally free website here is how you can do this. Just go to www.officelive.com and register for a domain name and you'll have a free website. Yes it will take time building pages but there are tutorials there to help you build them to how you want it.
I've had mine up and running for years now and I haven't paid a single cent for it. The only thing they'll need is either a debit/credit number just to verify you are who you say you are. You will only be able to register one domain name ex. www.properties.com etc but since you're married your husband can have one too. It's not real hard to do either. I'm a cash flow consultant and an owner of a few (free and clear) properties and my site has brought me great leads which has closed some deals too. Hope this helps. you can view my site if you'd like just google
gold bar funding group on the net and you'll find me there I'm sure.
I'm not trying to advertise my business because we're all in this together but officelive is the way to go. Hope this helps.
-Gary
Gary Rabatin
Certified Cash Flow Consultant
Founder & President of Gold Bar Funding Group L.L.C.
Private Real Estate Investor
"Building Wealth by the Numbers"
Hi,
Thanks for the suggestion! This is such a useful post.
I would suggest that you post it as a completely new forum topic though with the same title "website advice" or something similar
I am sure that many members would like to check it out but if they are not following this particulat thread, "YAHOO!!! WE HAVE OUR FIRST ACCEPTED OFFER!!!" they will never read the info!
Angela
Congratulations on your success so far!!!! I just read through all the posts and being brand new to this I am very much inspired. I just had one question. Since the bank was giving you such trouble with the "and/or assign" term, why not just take that off the contract, and take ownership of the property just like a regular purchase? You already had a buyer lined up so you wouldnt be stuck with the mortgage payment. I am just confused as to why you had to go through with the assignment. Couldnt you just buy it for 97K, then turn around and sell it to your buyer for the 3500 profit instead of doing the assignment over to your buyer? I apologize if I missed something in an earlier post that answers my question. I am asking because rather than do assignments, I am interested in purchasing foreclosures, short sales, and HUDs well below the FMV and turning around and selling them quickly. Like I said I am new so I apologize if I am missing something! Once again congrats and keep it up!!!
Brent
Do you plan on rehabbing your purchases? If you are not and think the easy way to get around the assignment clause is to purchase and then resell that is a poor strategy. You have to be careful. First, you don't want to look like a dealer. Second, why do you want to pay all the closing costs when these fees could be passed to the end buyer? If you are trying to get around the assignment clause you can do a double closing or a simulataneous close. You can use a land trust strategy or you can just add the end buyer to title and after he/she closes with you and their funds then you quit claim the deed.
KimmyJ
Press on...
Hi All,
I'm a newbie and I am getting so excited about getting started. I'm not even finished reading Profit...NOW yet. I want to find some properties for assignment because I need cash to get us out of debt. I'm very nervous about this, so reading all of the postings here is helping alot.
Thank you guys,
Bruce J.
About to jump in...
Failure is not an option!