Four properties under contract TODAY!

according to a topic I read earlier"My realtor said I cant put in but 1(one)offer a day", that you cant do that...LOL

GREAT JOB Michael--just get it done!

Much less have them do follow up offers along with your daily offers!!
You HAVE to learn to not take NO for an answer!

Michael

the pros are taking advantage of this market every day.

Congrats Michael. You just keep proving them wrong all the time. God Bless.

Sandra

Sandra and Bill. Thank you for the kind words!!

A side note on the properties.

These were all 2nd or 3rd offers that were accepted. One of them had an original offer date of 12/22/11! I have only had one or two offers accepted the first time.
So, having a follow up system is KEY to getting accepted offers.

The sellers agent always says they have higher offers, it is a multiple offer situation, we need your highest and best blah, blah, blah. I watch the properties to see if they go under contract and then actually sell. If they never go under contract or they fall out I submit my offer again.

Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC

great job!!!!!!!!!!!!!!!

Thanks! Like I said though, these are only 1/2 deals! I have to flip them and make a profit. Then they will be completed deals.

Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC

That's awesome, Mike. So you'll be able to wholesale the REO? I thought that was almost forbidden... Good luck with the second half of the deal.

We have faith that you will get them sold. Congratulations!

Alton,

I do these ALL the time. I do dry double closings. The bank, their agent and their title company KNOW NOTHING!!!
As far as the bank is concerned I am closing with cash. That is all they need to know.

Tammy,

Thanks for the words of confidence! We will see!

Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC

So Michael, are you using your escrow company or the banks escrow company for these dry closings?

Awesome! It sure is exciting when deals pop! Now get out there and get them sold and do it again!

"I do dry double closings. The bank, their agent and their title company KNOW NOTHING!!! As far as the bank is concerned I am closing with cash. That is all they need to know."

I'm tempted to write that on a sandwich board sign, and wear it outside. In a blizzard we just got 16" of snow from. Yes I'm serious. It's THAT true and THAT important.

Don't let idiots talk any of you out of a deal, or scare you away from making an offer. PLOW THROUGH THEM INSTEAD!! (Snow pun intended, LOL).

Way to keep on rollin Michael. Kind of puts the old saying of "OH you can't do that here" to bed....Jan

Awesome! Nice work Michael!

Congrats!
Jen

Congrats Michael ;P

Great job !!
How often do you resubmit ?

Great job Michael! Real inspiration ! Keep up the great work! ~Bob

Thomas,

I use my title company for the b to c. I use the banks title company for the a to b.

Angie, I re submit the ones that are not accepted but remain active every 30 days. The ones that go under contract or pending I resubmit as soon as I see them become active again. I check the ones under contract every 48 hours or so. I have picked up many that have fallen out of contract and are re listed. The sellers are usually pretty motivated.

Thanks Jen, Bob, Lenee, Jan, David and Chris!!

Michael

Thanks Michael
one more...
So...for TF...
just bring the closing paperwork (from a to b) w/you to your title co. for the b to c close ??
Havn't done my due diligence on TF so...what ? ? Do I have maybe 24 hrs. on the TF money ? or must I schedule b to c within 2-3 hours ??
and, I could do b to c at their's if I wanted to and if theirs would do a double...right ??

You will do the B to C first in most cases. The TF company will want to see the funds in escrow at minimum for the B to C closing before they will fund the A to B. So we just close the B to C first, contingent on the A to B closing.
In other words you must have your buyers money in escrow before the TF guys will wire their funds for the A to B. So you might as well close both on the same day! I never let the a to b know I am double closing.

Michael

Hmmm...
Just a "little" confusing to me...
Have to get there first i guess
Thanks for taking the time.
xo

Sounds like alot of fun. Im sure I will figure out these strategies soon enough, and join in on the fun! Good Luck and continued success!

Great job! That sounds like some awesome deals, now go get it done!

You just gave me more incentive on the REO's...I've been thinking about jumping in, but spooked....now you made the difference with your explanation of closing b-c (with buyer) first...meaning get a buyer committed. Just the info I needed!

Happy for you Michael.

Thanks again.

Linda

Michael, You are Rockin' it hard!

I'm so glad you continue to share your deals here. Really inspiring AND brimming with golden nuggets of "PROOF" it can all be done!!

closed my second deal last month and my third closes next week! Inch by inch!!

Thanks again for ALL you contribute here. You are the real deal!

A C T I O N !!

Michael,
That is great that you are able to do that, but I think some states may not allow double closing now the A to B (B) being is you and you do the closing after you do the B to C. But keeping the banks or A in dark of what you are doing is it because it may be eligal or unehtical it would be helpful to find out rules pertaining to R/E Closings per states, any sites you are aware of that may give this info.

Thanks for your help and keep pluging away,

Nunzio

The reason I don't tell the bank, their agent or their title company anything is because they will usually kill the deal. Not because it is not legal but because they want the person on the contract to go on title. Which we do for about 2 hours! It is the same reason banks usually don't allow assignments on their REOs. Nothing unethical at all! They get paid cash in full at the a to b closing!

Linda, Dan, Gabriel and Jill.

Thanks guys!! On to the next one!

Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC

Hi Michael,

Pardon my ignorance of this term, but I never heard this before. What is a "dry double closing"?

As far as we were aware, the banks did not allow us to assign a short sale contract. If you are actually closing on the property, then you technically aren't assigning the contract, you're buying the property and reselling it. You're incurring additional closing costs on both ends of the deal.

Each bank is different, but we have had to close and hold a property for a minimum of 90 days prior to selling it (that's Wells Fargo). BOA killed another deal as well with an assignment.

Now, in NYS, we can no longer do short sales on properties where the owner is still an occupant. If we do, that owner can come back within 2 years to redeem the property for the short sale price we purchased it at and that's it! So, if we did any rehab on an owner-occupant short sale property, we would lose our entire investment! This is a very new law and we're in the process of a short sale with this situation right now and we are now trying to relocate the owner-occupant so she has a different legal mailing address prior to closing---or else we're screwed!

Anyway, please expand on the details of your assigning short sale contracts. We would appreciate that.

I do not assign short sale contracts! I don't think I ever mentioned doing a contract assignment on a short sale! You can purchase them in a Trust or LLC and then sell the LLC or Trust. Never done that myself but know people that have.
A Dry" closing is when your buyers money from the b to c in a double close actually funds the a to b. We have done this in the past on short sales that had NO seasoning issues. We do this on REOs all the time. We close the b to c at our title company first they then wire the funds over to the banks title company for the a to b closing.
I think another term for a DRY closing is a simultaneous double close.

Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC