OfflineHello DG family I desperately need your help. There are two REO properties that I made offers on and the bank so far as counter offered one of them because my earnest money was too small. Right now we are just dealing with one but was told I will be paying the same amount of earnest money on the other property as well since both are from the same agent. So the counter offer is $3000.00 earnest money but they accept to pay the closing cost. I have tried a lending club but they won’t lend to me because my credit is bad. So right now I am looking for a small private moneylender to lend me $10,000. I have 48 hours to accept the deal and come up with the money. It’s a really good deal. It’s a 4bdrms 1.5bth the asking price is $130,000 but total view puts the estimate value at $267,838. If there is any lending site that anyone knows of that can lend to people with bad credit then please don’t hesitate to contact me. I am really in desperate need right now. This may be my first deal.
Thanks a lot DG Family.
I DESPERATELY NEED HELP
Posted on: Mon, 09/06/2010 - 21:51
I DESPERATELY NEED HELP
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- by Erathel
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I haven't done any deals yet, but I would post this again. Not sure if you rec'd any replies, but in Set For Life, Dean said you don't have to put much earnest money down. He said that if you are working with a realtor, and they say they need more down, it is money that is held for realtor at closing and the realtor is the one asking for it. Just refuse to put more down.
I would definetly put this out again today, some days seem slow with replies, so try again.
Do you have the Set For Life program, I have learned so much with that one.
But try again.
Sandi
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Earnest money has nothing to do with the realtor, the bank makes the determination & consideration for the deal. You never give an EMD on a foreclosure or short sale until the bank accepts/approves the offer.
What are the amount of repairs & what is the contract price with the bank,
you said asking was 130,000 ...
On the DVD Set For Life, the VIP session, why does Dean and Matt say that it is set aside towards the commission for the realtor. That is what they said, and I was surprised and even played it over.
So why do they say that if that isn't true, am I missing something. I will play again later today. They even said you can get by with just putting down $500. Is there a difference if it is just for sale through a realtor, and not a foreclosure or short sale?
Sandiboots
more earnest money is not neccessary but sometimes can give you that extra buying power. for example, if two offers are submitted and one has a check stapled to it for $100 and the other one is $5000 which do you think will be looked at first? The larger check just has the serious factor. That's all it is. When it comes to reo's different banks require a larger deposit but still the largest requirement I've seen is $2000. Your realtor is probally asking for the larger earnest money deposit because he knows it will help secure your offer, therefore hopefully leading to his commission.
Hello Everyone,
I have had Deans book for about a year, and everyday I wake up knowing that I can make some money in real estate. I used the excuse I don't have enough time, now I've lost my job and am looking to make this my career. I need to do a deal quickly, I have no money for business cards, bandit signs, etc. I have posted on craigs list and e bay ads for cash buyers to do assignments, I figure its smart to have buyers lined up before going after properties. Is this the right thinking? I have tons of other questions but I will say I have the motivation, I am about to lose my own home. Can anyone help me get jump started here?
BP
I don't have money for those things either and I'm also trying to save my own home. You're on the right track. Today I'm going to call those "we buy houses" signs, maybe they'll pay me to find a house for them to buy( that's what Carol suggests) It's worth a try. let's see if we can get our foot in the door!
Tori
This is correct. The bank is the one that made the counter offer that increased the EM from the $100 in my original offer to the $3000 they are seeking now. A realtor has no right to modify the counter themselves like that.
At this point the EM will be due in a week or two(48 hours will be from when the bank signs off accepting my acceptance of their counter). The bank countered my original offer accepting what I offered but asking for $3000 EM rather than the $100 on the original offer. The seller has approved the sale of the property and as mentioned the only change the bank made was to ask for more EM. I am waiting on the final sign off from the bank after accepting their counter and since it was their counter offer their acceptance is pretty much a guarentee. My realtor informed me that it could take a week for the bank to actually sign it and that the EM will be due within 48 hours of that.
The asking price was $130,000 my offer was accepted at $120,000 with bank paying closing costs. Repairs will run in the $20-30,000 range with a totalview price estimate being over $260,000.
30/30 ... But you can by calling 30 people tomorrow~ and reading 30 minutes
get a script like a simple information form....
The 30/30
10 For sales by owner ad - google FSbO or for sale by owner sites
craigs list, your local papers
Is your home available? if yes.. Great I'd like to ask you some questions (refer to the form)
before leaving the call...say " by the wsay...where are you moving to when you sell?" Great...what are you looking for in your next property...?
10 Realtors
Tell them you are a cash buyer looking to buy 3 homes in the next 60 days...in XXXXX Area, up to XXXXX dollars and we can close in less than 15 days.
"Can u tell me anything you have now? (get out the form)
before leaving the call..."by the way do you have any cash investors that are looking for properties to buy?
"And just to let you know...you get to keep all of the commissions when I do deals!"
10 Rental property ads...
See if they want to sell their home, see if they are investors looking for other properties, see if they will do a long term lease option!! (take out the form)
Lastly...30
Read 30 to 60 minutes a day...!! something motivational, inspirational, educational
or listen to audios all good!
God Bless!
Mike
With Passion!
Mike Husson, Real Estate Investor
What I've done in the past is getting a bank ck. for the amount you need out of your act. or ask someone that will lend it to you for ( 15 min. ) send the R/E agent or the bank a " COPY OF IT!!! " PUT IT BACK IN YOUR ACT. 15 MIN. LATER you don't have to produce the actual ck. until the closing, best of luck its worked for me. EDGAR