OfflineHello All,
I've been researching my tail off, learning a lot!
I have found a number of potential deals; have located prospective buyers (investors); I found a Freddie Mac REO that looks prime. The Avg. price in area=$170k; Zestimate=$169k. Bank of American estimate=$130k.
Vacant a long time, needs $13-$15k in work; They have dropped price over and over down to $94k. After talks with realtor, I think they will take an offer of $65-$75k. House sold for $200k in 2000. Avg. price drop in this area has only been 8%-9%.
I'd like to lock up the porperty under contract and assign the contract, but the realtor said he needs proof of financing to even submit an offer, plus $1k earnest. Can Freddie Mac require that, or are they required to look at all offers??
Any advice on how to proceed would be GREATLY appreciated . . .
Thanks 
Hi-
Sorry I can't help you with your question, but I do have one that I'd like to ask you about. How did you find your list of prospective buyers? Is there a certain thing you had to say when advertising for them? I really need to find myself some prospective buyers but just dont know how to go about it.
Thanks
Bryant Slade
Go to coastal-funding.com and get an e-mail sent over for proof......this is verifiable proof..... Tell them to give you 14 to 30 days to come up with earnest money...which you get from your buyer. Don't use your money for earnest money ever!!!! Sell the property. On that website I gave you. They will provide proof of funds even if you don't use them. Its legal and the realtor can verify the funds.
I literally googled "we buy houses" along with my city and state. I got a list of websites. A few of the sites were targeting buyers, sellers and investors. They claimed to be able to buy your house in 7 to 14 days. Although it looked like someone who read Dean's books, and was advertising for investors themselves, one of these sites had an actual office location, and they listed on the site that they paid $500 - $1000 if they bought a property from a referral (bird dogging). I called, and asked if they would pay for assignments if I had them locked up under contract - he said absolutely, they buy "wholesale" deals.
Meaning, thousands of dollars, not just $1k, for me. He then proceeded to give me the typical deal he was looking for - the areas, price ranges, sizes, etc. Said he preferred deals at 40% off FMV, etc. So, if I find the right deal at 50% off, that's 10% for me!! He manages RE investment funds for a bunch of private investors. I found more on Craigslist in the real estate section - there are ads all over. I told him I was new, and was looking for a source of buyers to assign deals to - and needed a mentor to help me get started. He warmed right up!!
I also asked around at work and among my friends - people whom I know have money, and they are interested in getting in on good deals - to buy, rent for +cash flow, or fix and flip. They are happy to see me get some cash at closong for getting them the deal - because they don't know how to find them, or have time to (or so they think) - so it's still a great deal for them.
Just be bold and start calling people - just ask if they pay for referrals, or if they will buy contracts (assignments). If yes, then ask them what their perfect deal would look like - then go find them!
I think you'll be surprised how easy it is to find these guys - I was very encouraged.
Hope this helps!
Awesome
I knew someone would know the next step. I'll keep you posted!!!
A thousand thank-you's!
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