OfflineWow, this week has been crazy, my first offer was accepted and the feeling felt really good. Talking to an agent that knows what you are trying to accomplish is always an awesome feeling...I just cant explain the feeling in words its so AWESOME. The problem with this deal is that we have a investor ready to go, but within hours of signing the contract he backed out. I asked him what was the problem (knowing that this investor has CASH so we were TOLD) he told me that he didn't have the CASH and his financial situation was not as great. Why would you go through this entire process and then back out. As of right now we are marketing this home hope to find a buyer. I know now to have many many back ups so this wont happen again. Sorry about this post everyone, I just felt I NEEDED to get this off my chest.
"I used to say, "Things cost too much." Then my teacher straightened me out on that by saying, "The problem isn't that things cost too much. The problem is that you can't afford it." That's when I finally understand that the problem wasn't "it" - the problem was "ME!"--Jim Rohn
sorry to hear that. but count it as a lesson learned. always have them proof up. meaning you verify funds are available directly with the bank.
Anita
******************************************
TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
Jason you have enough time to market it and you can always ask for more time,If you do not ask...You will never know!
I feel your pain
Invest in yourself!
Where is this property located?
Hey Jason,sorry to hear about that.Its been a minute since we met up,i was wondering how that went.If you want,send me a email with details and ill see if i can help.We are in michigan
"Every failure brings with it the seed of an equivalent success"
Napoleon Hill
http://www.deangraziosi.com/real-estate-forums/investing-journals/42379/...
Mike
Kalamazoo,MI
We learn from our challenges and move forward. How would we gain strength if everything went smoothly. We must overcome and do what is necessary. All the best.
Sandra
"You can never get to the top, if you are not willing to climb. Do not look at the difficulty of the climb, only anticipate the view from the top."
"Can't even walk without you holding my hand." (Song)
"Is anything too hard for the Lord ..." Genesis 19:14
"In all things, wait on the Lord."
"Think not of your own deliverance, but trust in God who will give in abundance."
"When you are down to nothing, God is up to something." Unknown
"Our lives begin to end, the day we become silent about those things that really matters." Dr. Martin Luther King Jr.
Jason always ask for proof of funds and his ability to close for next deals.
"If you cannot do great things, do small things in a great way.”
Napoleon Hill quote
Jason sorry to hear of your misfortune but thank you for sharing .I had not considered this problem occurring.Keep your head up,you are doing better then most at least you are trying.
Thanks for sharing your experiences with everyone. This is the firs bad experience that i read in this site. I was thinking, nobody had bad experiences with REI??? everything is beautifull?? Thanks for share that and keep in touch.
I am sorry to read that, but keep your head up and move to the next one. But See if you can find a new buyer. Good Luck
Angie
Angie
May each day get better
Something familiar happen to me... I found a duplex for an investor he was going to buy cash... by the way this was a bird dog deal...
Well to make the story short when i presented him the deal he said he will past..I let the duplex go and 1 week later he went around my back and bought it... That wouid of given me about 5k in profits...
Its my fault because i didnt give him a finders fee agreement to sign but i learn from that mistake
Thanks Anita will do
"I used to say, "Things cost too much." Then my teacher straightened me out on that by saying, "The problem isn't that things cost too much. The problem is that you can't afford it." That's when I finally understand that the problem wasn't "it" - the problem was "ME!"--Jim Rohn
As long as you have an exit clause on your offer you should be ok to back out if you want. Do you have enough time to try to market the deal to another buyer. Just throwing options at you. It is just a bump in the road my friend, Jeremy and I have had our share. Keep your chin up and get ready to go for the next one.....Jan
Hi Rickm, I like to learn from people who made mistakes, is the best way to dont do it. I need your advice, yesterday i found a townhouse 3b,2.5bath, from 1977, and the FMV is 172k. is listed in 92k. Is listed for 2 months now. I will offer 70k. This will be the first time that i submit an offer. Can you tell me what are the documents that i need to submit an offer? and also the docs to lock yhe offer. Do i need a realtor to do it? Just the realtors have the documents to send offers and lock it? What happend when a property is listed in MRIS and said "Subject to third party approval"?
Please, if you can help me with that will be great and i appreciatte your help.
Lets keep in touch.
Subject to third party approval means that it is a short sale.
Well to make the story short when i presented him the deal he said he will past..I let the duplex go and 1 week later he went around my back and bought it... That wouid of given me about 5k in profits...
Its my fault because i didnt give him a finders fee agreement to sign but i learn from that mistake
As much as it hurts to find out later, the investor probably had a keen sense that he'd have to pay you a finders fee for it and of course didn't want to fork over the $$$ for it. As more and more people learn the "DG" way of doing things with these properties and how to generate angles on deals... the more cut-throat it will become.
Just another sign you still need to be on your A game when dealing with forclosures and REO's.
John 14:6
I hope you can get out of this deal or have a back up buyer. Maybe you can post it on the craig list. Good luck.
Averyday is a Friday so weak up each morning and get excited.