OfflineI got Deans first book back in December 2008 read and said to myself does this stuff really happen. I got his second book in february just before I got laid off from the bank where i worked. I said I am going to try these techniques and see if this thing really works. I called one of my college buddies who knows a little bit more than me about real estate to be my partner he agreed and we started putting in offers for Reo's right away.
At first it was discouraging because some the real estate agents were not helpful, most offers were rejected, or we did not hear from the bank at all. But in Deans book he explains dont give up and the people in this forum give you good incentive to stick with it and I like to finish what I started. So I put in a offer for a 3 bedroom single family. The house was listed at $160,000 so I emailed the agent with the proof of funds from Coastal-funding(thanks Guys in the forums) and put my offer in for $140,000. Now the house zestimate value is $345,000 ard it is located(doing deans homework)in a nice neighborhood.
The next day the agent called me and said that the bank countered with $142,000 I said I would do $141,000 and she called me back two hours later and accepted it. I have been dancing ever since. We already have buyers lined up for our deals using deans system. But iI just want to say to anyone out there everyones situation is diffrent your deals might come right away or it might take sometime but dont give up because those deals are out there and they are never ending.
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REFUSE TO LOSE
Congratulations on your first deal. The first deal is usually the most difficult. This deal may motivate and propel you to new heights. Keep up the good work. Good luck on all your deals. Believe and Achieve!
Indiana-Joe
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Thanks for the encouragement
______________________________________________________________________________Refuse to Lose
Having buyers lined up is always nice, way to go! Keep us posted on how the deal plays out from here!
That's good news, as I myself am getting discouraged and lost motivation.I have some questions...what is Coastal Funding, what do they do?? If you offered 140k and settled with 141K was there a cap on how much Coastal funding would lend you? Would they take it out of the equity? I ask because out here in California it seems that the market is rich in REO's and since I have very low funds at the moment I wasn't going to concentrate on making offers on those. I've been looking at FSBO's in order to assign them and build on my funds for the big purchases.
Needs some serious motivation...Should i contact agents with short sales or the sellers themselves, Have the address but only agent's number.
Coastal Funding is for back-to-back closings. http://www.coastal-funding.com/
Hi Knard3000,
Just a note to say congrats on your deal. It goes to show being persistant. The only outcome is success. Great Job!............
Sincereley,
Lubertha
"GOD IS STILL IN CHARGE, HE IS THE AIR WE BREATHE"
Lubertha,
Thanks for all the encouragement.
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Refuse To Lose
I just wanted to say congrats on your accepted offer of an REO. I myself have been rejected by all my REO offers. I'm finding the lenders are declining anything that is an assignment. Any suggestions? Anyone?
Loan Modification/Short Sale Counselor & Real Estate Investor
Austin, Texas
I find if you put in the offer by conatcting the office and getting the fax# number or email of the handling agent send it to them directly without looking at the property they will contct you. Once they contact you find out if they have any other reo's available now and put bids in for those right away that might help!!
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Refuse To Lose
Congrats! YOU DID IT!!! Best of luck to you and your closing and all the busy work...yeah on to the next one baby! Sincerely, Angie
Challenges are only challenges if you view them that way. Try looking at them as OPPORTUNITIES instead and success will follow!!! "ME"
A job well done. You deserve to be praised. Way to go.
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.
the support has been tremendous if i can help someone out i will try my best just as everyone here has helped me thanks
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Refuse To Lose
Congratulations on your first deal. After your offer had been approved, could you tell us in detail what happened next. Newbies like me would appreciate it very much.. I am in the process of going into my first deal too. I am here in Las Vegas and there are a lot of open opportunities from short sales to foreclosures. Thanks Dom
First Deal Congratulations on your first deal. After your offer had been approved, could you tell us in detail what happened next. Newbies like me would appreciate it very much.. I am in the process of going into my first deal too. I am here in Las Vegas and there are a lot of open opportunities from short sales to foreclosures. Thanks Dom
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Well Don,
I am in the process of having alwyer look at the contract he knows already that I want to do a double closing just waiting to get the buyer all set then we can go from there!! Cant wait for it to go through very excited!!!
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Refuse To Lose
With my experience just getting a realtor to submitt an offer is accomplishment. I have been told 3-5 days for a bank response and 48 hours "certified" EMD. Getting funds returned from escrow is like pulling teeth. If the inspection is more than my budget or the appraisal does not come in EMD is stuck in escrow. Can you verify the details of the banks response? Sellers addendum "not assignable" "sellers title office required".
I am asking because these items have been reported to me by realtors and investors.
Thanks, and congratulations again.
First of all I do not send in any money with my offers i just put as many offers as i can in with my proof of funds that way they know you are at least serious. So you do not have to go through the headache of tying up your own money. It depends on the bank when they will respond they get so many offers they have to go through them. SDome could be fast or slow all depending how fast they want get their property off their books. Really no real determining time 3 to 5 days or two to three weeks.
CONGRAULATIONS ON YOUR FIRST DEAL.YES, YOU ARE RIGHT IT MAY TAKE SOME TIME TO GET THAT FIRST DEAL BUT YOU HAVE TO BE PERSISTANT. THANKS FOR SHARING THAT INFORMATION WITH EVERYONE. TALK TO YOU ALL WHEN I GET MY FIRST DEAL SOON!!!!!
SAM
I would first like to Congratulate you on a job well done! Next I'd like to ask you... How does one show "proof of funds"? Do you just use a personal check and make it out for a certain amount and photo copy it and then submit that with your offers? If you can explain this one thing to me it would help me out alot. I was letting fear hold me back for a while, then a couple of days ago I sent out e-mails to a dozen, or so homeowners telling them about what I was doing and what I wanted them to do for me(put their home under a contract of assignment). Well i didnt really think it would work and it sounded crazy, but I got one(1) response back offering me $3k for two properties that they owned if I would get them a buyer. I go check out they condos this coming week and take pics of them to post and try to find buyers with.
Bryant Slade
go to coastal funding and they send you proof of funds to your email.
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Refuse To lose
Can I request as many "proof Of Funds" that I want, or just have one made out for a large amount?
Bryant Slade
refuse to lose
If I'm understanding things correctly...when I put in a bid on an REO and it gets accepted at that price, then what I'll need to do next is make sure that I have a buyer to cover my bid. Right? Let's say that I dont have a buyer right away. What do they expect you to do after you win the bid? Come sign contracts? I just want to make sure before putting in bids on REOs even though I do have a buyer on my list now. And not to sound too stupid(lol) how do I go about getting that list of REO's to begin with? Does it always have to be through a Realtor?
Bryant Slade
you just have to look for anything that can be a major lead 4 u a family member, word of mouth something on the internet, just have to have your eyes open and you will start to see. I have been doing it 4 three months so I am starting see the signs it takes time but it will happen if you keep trying dont give up.
I've got a list of REO's from Bank of America's website. How exactly would I go about putting in bids on those properties. I believe that once I get the gist of it, that I'll start climbing to the top in no time.
Bryant Slade
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Refuse To lose
Let me get this straight, this coastal funding company will "lie" for you? i'm asking cause i went to an investor's meeting and met with a potential realtor/investor that I wanted to work with and asked me "how will you prove your funds?" i told him i was unemployed and don't have much right now. he said that currently with this economy banks are very picky in granting loans and such cause they don't want to approve someone that will end up foreclosing 4 or 5 months down the road. so he ended up not becoming my realtor because of the lack of. he also said that it would take him an hour to put together 1 offer so the idea of sending out 50-100 offers in a week's time(like some posts in here suggest) is unrealistic and ridiculous.
So again, are you saying that this coastal funding company will provide you with the necessary funds for you to make legitimate offers?...there must be some kind of fee for this, they wouldn't do it for nothing...can you or someone explain this process?
Needs some serious motivation...Should i contact agents with short sales or the sellers themselves, Have the address but only agent's number.
when u go to coastal-funding.com go to proof of funds it will generate a proof of funds letter for you in your email. you can contact them to see what the specifics are really easy. And there are other realtors out so many dont listen to just that one do some question asking some realtors are willing to work with you just have to weed them out. Did you get Deans book yet it explains how to do it.
Dont get discouraged everyone here went through what you are going thrhrough stay the course it will happen.
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Refuse To Lose
Get your list from the website choose what are you want to concentrate on. Call the listing broker up and either schedule a time to see the property in question or just send in your proof of funds and offer for the property. Send in as many as you can it the law of numbers the more you send in the better chance you have.
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Refuse To Lose
I'm looking at some REO's and they're in the price range of $58,000, $200,000. Would it be appropriate for me to send in an offer of say...$2,000-$3,000 for these properties, or should I bid much lower?
Bryant Slade
Congrats !! And you did it on your deals ! Keep on going and you will see the light the other side of the tunnel sooner or later.
Much Sucess !!
God Bless You
Paul T. La Moy
Hudson Valley ny
but that would be really unrealistic you have to do some research on the property before you can put in a real offer. read the book and seek advice take your time and you will find the answer.
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Refuse to Lose