OfflineDay 1 Ordered Dean's new book.
Got list of REO's from local news paper website.
Found 5 properties that met my criteria.
Drove by 2 of the properties, it got dark outside and I went home. I felt something crawling off my shoulder while standing in my kitchen....it was a spider from the last property(I had been checking out the overgrown yard of a 100+yr old home)freaked out, smashed it and went to bed.
Day 2 Went to the open house at the 100+yr old property, lots of lookilous but needs tons of work, no thank you. Drove by the other three properties. Noticed one property still had occupants...huh.
Day 3 Went golfing (Sunday)
Day 4 Drove to tax assessors office for bank holder info. called on house with occupants. Was told house was not ready to be sold yet. Assumed that was due to occupants. Obtained an e mail address and wrote an email offering to take over property as is, with occupants and any neccessary repairs, handling evictions(I would first offer occupants option to stay and rent) got a response within 3 minutes(no joke) Asking for cash purchase. Replied "will bank carry note?" Got a drop dead kind of response "our bank doesn't loan on our REO's, "cash only" in bold type. I suggested that unless they are getting out of the residential lending business they may want to consider this scenario as a more efficient solution. Still waiting for a response.
Same day sent a fax to another lending institution, Deutshe(the only way they communicate on REO's) W.E. still waiting for response.
Same day 2 of my 5 properties are now owned by the impenetrable Wells Fargo. Found phone #'s and e-mails for many different people asking for info. on contact for their REO dept. Got a phone # finally.
Will call tomorrow.
In the meantime I blah blahd my through Dean's website wining and begging for help and got some great info on California challenges. Also,I have been looking at REO's on Realtor web sites and found some potentially great deals. Sent an e-mail to a RE proposing an alliance.
Waiting for a response.
The agent called me back. Questioned what I had proposed and wanted to know if I intended to offer "fair market value for these properties" to which I replied, "what is fair market value in this economy? I just short sold a home 9 mths. ago and according to Comps. in that area, at this time, the people who purchased the home (at the swinging great deal that the bank approved) are now upside down. Who decides what's fair in a market that got soo out of bounds no one can afford to own a home in Ca. To me fair market value is a price that, if I decide to rent the property, I will be able to cover the mortgage payment." That's what I consider to be fair. Another word for fair is reasonable. I will be meeting with her tomorrow.....stay tuned