Getting a bank to Finance an REO!

Joe,

I am really amazed at the way that you have stepped into the business. I wish I had the courage that you have. I really enjoy reading about your deals and seeing all that you have done in such a short period of time.

Keep posting and inspiring us. BTW, I loved the George Baily reference in an earlier post. I am a hugh fan of that movie because even though it is a movie, it shows what a person with integrity can achieve in life, even though he may not realize it.

I'm currently working on several REO's properties in Michigan areas, like Wayne county, Oakland county, Macomb and Ingham. Let me know the city and county of where you live and i'll see if i can come up with a listing.

Lloyd

Thanks so much for the nice comments, we appreciate it. The movie "It's a Wonderful Life" is a great movie that I have probably seen 100 times and would enjoy watching 1,000 more times. George Bailey is a great character that is honest, has intregrity and always does the right thing! He found the courage to face any adversity. You too will find the courage because knowledge from Dean's books and the DG website will give you the power and the courage you need. When you know the offer on a deal is the right decision because of the numbers, the offers will come. So, be sure to gather information and make a plan and then work the plan. Go for it! You can do it! Believe and Achieve! Good luck on all your offers and deals! - Joe

Thanks for the offer on Michigan REOs. I would probably have an interest in the counties in southwest Michigan near Lake Michigan such as Ottawa, Van Buren, Berrien, or Allegan counties. Please feel free to send a PM to me with any listings that may be worth a look near Lake Michigan in those counties. I appreciate your assistance. Good luck on all yoru deals. Believe and Achieve! :)- Joe

I do believe this deal should be finalized within a few days with the bank and their REO Asset Manager. After a few emails, back and forth, we have a preliminary agreement with the Bank President on this REO. Once it is written, signed and finalized, I will share the details for our Deal #6. I do not want to jynx myself. I still can't believe this deal may actually happen. Good luck on your deals. Believe and Achieve! - Joe

You Believed And You will Achieve! So happy for you! Contined success..........Lubertha

Thanks for the positive comments and congrats. I hope this deal will inspire many other DG Members to try for the same type of deal in their local market areas. Good luck on all your deals. Believe and Achieve! "Indiana-Joe" a.k.a "REO-JOE" Have a great day. - Joe

Getting close Joe. Even with all the roadblocks and tragedies that has happen to me, my family this week or even the past month. I have never felt more positive about my future than now! Thanks again for all you do on this site! I feel success just around the corner...........Lubertha

when you called the banks what did you tell them? did they required you to show tax return,proof of income....?

Thanks for the positive words and the insightful thoughts. I know success is coming your way. Keep the faith and keep up the good work and efforts. Continued success. Believe and Achieve! - Joe

When I called the Bank I would inquire if I could speak to their "REO Asset Manager". Sometimes it would take several calls and speaking to several different people. Some of these people would inquire how did you come about calling me? Then I would go on to say that I spoke to "Tom" at the such and such branch and he referred me to you. This sometimes gives you a little more credibility that another bank staff member provided you the information. Thus, when you speak to each person in your REO Asset Manager search, be nice and always write down names.

Every REO Asset Manager I have spoken to has indicated what inventory they have available and it did not come up about providing documentation. Most of these individuals were interested in moving the inventory. One Asset Manager told me "we are ready to deal and we will look at all offers". This made me almost fall off my chair. I really appreciated the brutal honesty of this REO asset manager.

I have found REOs in my area that include single family homes, commericial buildings, and even a small modular home park. I honestly got to the point where I stopped calling banks, because there were so many properties available that I am currently working on an action plan to reapproach a few more banks with a better plan and an exit strategy for each deal. I want to be prepared with an exit strategy and be able to negotiate the best deals on the best properties. I hope this recap helps. Good luck on all your deals. Believe and Achieve! - Joe

I am happy to say this REO deal is moving forward and I still can not believe how cool this is. I want everyone to know that Dean's information, tips, and techniques really work. And yes, they work even better than you can imagine!

I will be posting more of the details for this 100% financed REO under my Deal #6 recap. Thank you to all DG members for your support during this finger nail biting waiting process to close this REO 100% financed deal! Dean, thanks again for all the information and tips! Your books and the DG website is the best! Believe and Achieve! - Joe

------------------------------------------------
"I am naive enough to think that I can do my part in helping change the world, and if that's a bad thing, then, so be it, the Question is....who's coming with me?"
- Dean Graziosi

What would be the amount or wording of pre-approve letters? I mean you ask the bank to pre-approve you for the REO - bank asking price, your offer, the offer plus renovation etc etc...?

Cheersss!!!

Congratulations! I have been following this post, I am excited for you. You GO REO JOE! Haha, good job Joe.

Thanks for the inspiration and good luck!
-Mike

Thanks for shearing. I know this type of deal can take up to two months. I love the info that I've learned of these post. Thanks IJ

We did not even talk about pre-approval with this local bank. I believe they were eager to move the proeprty because of the carrying costs and this property was a liability to the bank. I believe they felt there was no risk in selling it to us and carrying the mortgage because now they were able to get the liability off their books and even show some Interest income coming in from a new mortgage. Thus, it is a great win-win deal for everyone. Good luck on all your deals. Believe and Achieve! - Joe

Thanks for the congrats and inspiring nickname "REO JOE". I feel like we have been so fortunate to find Dean and the DG website and I can't believe the tremendous success. We are so excited to find the next deal. Good luck with all your real estate deals. Believe and Achieve! - Joe (REO JOE)

Thanks for the congrats on this REO deal. I believe the patient person will get more deals. This has slightly changed my approach with some REOs. I hope other DG students will have success with this approach. Good luck on all your real estate deals. Believe and Achieve! - Joe

----------------------------
The details of our Deal # 6 is posted at the following forum topic thread:

http://www.deangraziosi.com/real-estate-forums/my-deals/23722/deal-6-ban...

Joe,

Sounds like they want to get rid of the property asap and good luck and let us know whats going on.

Paul

Thanks for the congrats. You never know when a bank will be motivated and there motivation can change like the wind. Thus, patience paid off and we were very happy to have this deal work out for us. Good luck on your future deals. Believe and Achieve! - Joe

Indiana Joe and CO.,
You keep up this pace and we will see your face on cereal box for...Champions! Thank-you Joe for caring by sharing!!!

Thanks for the very nice comments. We are so grateful to Dean for sharing his knowledge that has enabled us to complete several deals. We are happy to share whatever we learn along the way with others so they can try the same things in their local area. Good luck with REI. Believe and Achieve! - Joe

I'm still quite new with investing, but I'm in the Ypsilanti/Ann Arbor area (Washtenaw County) and been looking at some REO's properties. Can you send me a listing?

I'm interested in multi-family listings around the GM-Cadillac ASSY Plant!

REO JOE THE AMERICAN HERO...ROFL...I couldn't resist, don't mind me!

Hi Joe,

So I finally took your awesome strategy and public advice here and went and called an asset manager and I've looked at 2 properties so far.

I want to make offers.

Now I'm finding the details of the "official offer" contract are tying me up when I really just want to get my price and terms out there to the asset manager in an email and come to agreement and then deal with the details.

However, I've gotten advice in different directions.

On this particular deal you did, did you just merely email terms and price? Or did you present a formal contract attached to your email?

I know I may be caught up in the details, but I want to do it right and in a way that the bank takes me seriously. So, therefore, just hoping you can share how you made your offer to the bank specifically?

On this one or other REOs (non-agent ones)...these would be directly with the Special Asset Manager or someone at the bank.

Thanks so much in advance for any help and insight!
Louisa

Thanks for reminding me on whats my next task is for tomorrow. I stay active in my research on properties and this is just another ave to check. Hope Joe is able to help you, try contacting him on PM. Please keep us updated. Thanks!

Would it be wise to offer to the bank a reimbursement for the utilities, insurance, and so forth to sweeten the deal and make them stand up and really take notice?

Bill G.

I love reading your posts! They are so inspirational.

I'm so impressed how you've gotten "in" with the bank CEO's to get your deals done. Joe, how would you deal with large Banks like Chase home financial? I'm looking at a property that must be heading to or just in foreclosure with them. Needs a lot of work. I can't get any further than dead end phone mazes. I did find an agent that represents them on another REO. I emailed him hoping I can get somewhere there. I love reading how you accomplish your deals. B&A

Barbara