Hey DG fam, I'm writing this post to see if there's anyone else going through the same problems I'm experiencing with some agents. Well my last agent and the agent I'm working with now told me I had to change wording on my purchase agreement contract and put I would be paying with financing instead of cash because my POF letter I got from TRANSACTIONALFUNDING.COM states I have liquid funds available to me there for it's not a cash offer "According to my 2 agents". Can anyone tell me is this is true?
Also in the last 2 years I've worked with about 10 agents and I asked every single one of them to pull me the last 90 days of cash sold list and all of them told me they couldn't, that there was no where on the MLS they can enter cash sold. Most of them told me there is a field on the contract when the house sells the agent can write sold with cash or finance but the agents hardly fill that in on the contracts. I also told all 10 of them to call the MLS help line and ask them to walk them through on how to pull the list and every single one of them told me the MLS customer service rep said there was no way. I live in Connecticut and here is where I'm investing, I don't know if this is just happening with the MLS in CT.
Can anyone help explain to me on how they realtor got them the cash sold list?
Thank you
Reynold Orozco
I had the same challenge. Here is what I did. I went through the solds and found the buyers on the pva website. Then I checked how many properties those people own and contacted the ones with multiple properties. That is a little more work, but it leads to results.
Yes I have done that in the past and still do from time from time but I just wanted to get the list from the agent like Dean has suggested so it would take less work of me figuring out if the buyer is cash or financing.
Reynold Orozco
Reynold,
I also asked my realtor for the same cash buyers list and I got the same answer. I was also told that all the surrounding counties use a different MLS. I live in NC, so it is not just in CT.
For anyone on this site who has followed any of my posts, you realize that whenever possible I will provide suggestions that do not have associated costs. I'm an investor too, and I know that all investors love to make money, but don't necessarily like to spend money.
I will bring to the table, however, solutions that do have associated costs if they seem to be the best solutions, and can save time which can be dedicated to other tasks that make you money as an investor.
In regard to the Proof of Funds Letter (POF), I've checked five different sources, submitted information, and in each case received their POF very quickly. And yet, each of these references property funding in a way that anyone who looks closely would identify as financing, not cash. The trouble, of course, is that when markets become more competitive, agents and sellers are looking more closely at competing offers to evaluate the relative strength, and that leads, sometimes, to the rejection of the POF as validation of available cash. This is prevalent in some areas, not so much in others.
There is an alternative, but it has an associated cost. The alternative is a Verification of Deposit (VOD), which is an actual bank statement from a real person, showing available funds. The VOD does not reference loans or financing, and the buyer simply indicates that this is the bank statement of their cash partner. I know of two locations that these can be obtained. The first, besttransactionfunding.com, also offers a POF, but you can obtain a one time only VOD for $495. Ouch! Because of that, the program has located and made special arrangements with another company that will offer you unlimited use of VOD's for a monthly fee of $95, but for members of Dean's program, if you use the discount code Dallin, the monthly amount is $80. It's become the favorite source of verification for the training team, It may be worth your consideration as well.
For lists of cash buyers, the program has connected with two separate online programs that can pull up lists of local cash buyers on demand. The first is Prop Trend, which also helps with sales comps, and finding foreclosure and preforeclosure properties. The second is Investor Pipeline that has search and marketing functions for both properties and cash buyers.
If I find alternatives that do not have associated costs, I'll be happy to post them here, I just don't have any suggestions like that at present. We want each of you to be successful, and as we all know, running a business does have some expenses.
Dallin Wall
Real Estate Training Team
Forum Blog Location--A collection of my
"Best of" posts:
http://www.deangraziosi.com/blogs/dwall
Dallin I believed we spoke Monday when I called in on Dean's hotline and you explained this to me on the phone. I had this problem only with the last 2 agents out of 10, I will keep trying to use the POF and if it doesn't work the next couple of time then I will have to sacrifice the money to get the VOD your talking about. Also I can I get a hold of the program prop trend? I believe Dean does not sell it no more.
Reynold Orozco