OfflineThis one is an REO.
The bank accepted the first offer with no counter! Could it be the 4th quarter, end of year lender motivation?? I think this is the first REO I ever picked up on the first offer! It was on the market for 122 days, Been in and out of contract twice. Started at
$159,900. They dropped it to $129,900 on Monday. I offered $110,000 And they accepted.
Had 3 of my top buyers in there this AM. Signed the contracts with one this afternoon for $117,500. Bank is paying all closing costs and title work on the a to b.
My buyer is paying all closing costs on the b to c.
We are also doing a simultaneous (dry) closing where his money is funding the a to b!!
Who says you can't wholesale REOs!
ARV is $185,000 Rehab/remodel is $25,000. My buyer will net $25,000.
PM me with any questions!
Michael Mangham
MD Home Acquisitions LLC
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
1. Correct
2.The lenders agent supplied the contract. I use the inspection period ONLY to find a buyer or back out and get my earnest money back. If you try and add a bunch of old school weasel contingencies the banks won't look at your offer.
3.On this deal the bank required $1500 certified funds. On my contract with the buyer my non refundable earnest money amount was $2500. The non refundable earnest protects me from loss of my earnest money if my buyer was to back out. Slim chance of him doing so after putting up $2500 hard!
4. I did my own estimate, my buyers all have their own ideas how they will do things anyway. Some estimate higher than me others estimate lower. If the numbers work, they take the deal.
If you have no money, work directly with unlisted, motivated sellers. You can put them under contract for 0 down if that is what your contract states. I always pay $100 in earnest to homeowners when using my own contracts.
PM for real world mentoring
Michael Mangham
MD Home Acquisitions LLC
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
PM to find out how!
Michael Mangham
MD Home Acquisitions LLC
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
awesome. looking forward to getting my deals done
Bless and be blessed!
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