OfflineI been reading and learning this real estate stuff for the last 3 months. I got a huge buyers list from my postings on Craigs list. I got a half dozen sellers to contact me. One of the sellers was a couple that wanted to retire and cudnt afford their payments. They were actually willing to give me the house.The house was underwater by a lot. I advertised their home to just take over payments, and had this one couple hounding me to get the house. I had them give me a Thousand dollar non refundable deposit. I thought, hey that was too easy, I was going to make $8,000 after closing. The next day the seller emails me to say they decided not to sell. I was devastated. I had their home on contract. but I told them I wud tear it up. The buyer didnt ask for their deposit back but I did promise to take the 1K off if I cud find them another house. The next house the seller wanted 6K to walk away. Finally he agreed to take 4K. When the buyers and seller met me at the house to do the deal, the seller says, U know what, I need 6K or Im not selling. I explained to him the buyers only have 6K thats 4 for u and 2 for me. You want me to go in ther and tell them the deal is off? He says yea. I was desperate I needed that 2K. Then I asked the seller how bout if they can pay the other 2K in 6 months, he says yea I wud do that. Unbelievable, the buyers agreed. This is also a take over payments deal. We signed the papers, the buyer had cash. It took an hour and a half to do this deal and maybe an hour of placing ads on Craig's list. I just orderd some bandit signs, blank door hangers, business cards, got a website and domain name at godaddy for $12 for 2 yrs, got me a dedicated phone line. I guess u can tell Im pretty darn excited. This is just a prelude of better things to come. Thanks to Dean for the motivation. Rando1
Rando
I wouldn't have the buyer or seller meet each other. You can do this at the title company when you're doing the papers. Have the seller meet you at say 10 am to do papers, then have the buyer meet you say at 1pm so they can do their papers.
This memorandum should be a part of your paperwork. The best part is, you don't need anyone to sign it except you. If they try to sell it like that, they will run into issues with that, and have to take care of you first if they wanna sell directly.
Congrats to you and thank you for posting your success!! Very inspiring!!
~ What you get by achieving your goals is not as important as what you become by achieving your goals. ~ Zig Zigler
~ You have to set goals that are almost out of reach. If you set a goal that is attainable without much work or thought, you are stuck with something below your true talent and potential.~ Steve Garvey
~ I am strong, vigorous, and very courageous. I am not afraid neither am I dismayed, for the Lord my God is with me wherever I go. Joshua 1:9
It was such a difficult deal. Not only was the seller underwater by 20K and demanding 4K He actually had an 8K down payment assistence 3 yr moratorium where he cudnt sell for 3 yrs or he wud face penalties. On top of that he was one month behind on his payments. The buyer only had $7,500 I wrote in the contract that the buyer wud lease the house till the 3 yrs was up next May 1. I also wrote into the contract that the buyer had 90 days to make up the back payment that was in arrears.Then when we all met at the house, I didnt have a contract with the seller or the buyer. Then the unthinkable happens. The greedy seller sees the buyers are ready to buy and demands another 2K. Incredible, The buyers agreed, I scribbled it into the contract that a balloon payment of $2,000 was due in 6 months. The deal took about 1 1/2 hrs of intense negotiations, I had dry mouth, was seriously nervous so I mostly observed and didnt talk much. The buyer gives the seller 4 grand in cash, me $2,243 in cash and had $1200 left over to make the first mortgage payment. I took a photo of the seller and buyers smilling, shook hands with them and was driving away with a wad of cash. The other 2 deals I did wer like a walk in the park compared to this. Cud the buyer and seller have went around me, possibly, but before that day I hadnt met them, I had the contracts ready, luckily the buyers wanted this house, it was a gorgeous 3 yr old home in a new subdivision. The saga continues.
Rando
I could tell you were a go-getter!! I also ordered my business cards today. We are off!!
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The lady that has the home in Alabama took forever to get me photos and all the details on her loan. She has agreed to giv me the house for the mortgage amount and pay half of the closing costs. I just sent her my contract for her to sign a few days ago. So I started advertising the house on Craigs list in the nearest city to this house. I started at 10K down and take over payments, and got no response. I lowered it to 5K down and pay half closing costs and just had a lady call me wanting the house badly. I emailed her all the photos and she wants to see the inside. I told her I was waiting on some paper work from the seller and we will need an appointment with the renters. We been emailing back and forth and it looks like its gonna happen. Its just really amazing that I can sell a house 2,000 miles away that I've never seen to a buyer and seller that I will never ever meet. So now, I had the idea to start placing Craigs's list ads in multiple cities and Im starting to get some responses. And old dog can learn new tricks. Rando1
Rando
Thanks for sharing your journey and your 'CL ADS' for us to try in our town.
Let us know when you sell that house after October 1, and how much $$$$ is going into the 'bank account.' Good Luck!!!
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"Keep Going"
Maurice
Hey Sheser, I got a better idea, bring me 4 deals and I'll pay you $4,000 Find me pre foreclosures, no more than a few months behind. Advertise on Craig's List, go to the courthouse and search public records for bankruptcies, divorces, death (probates) Tax liens Foreclosures NOD's Notices of Default and just driving neighborhoods for houses that look neglected. You want 4K? Give me wat I want, pre-foreclosures. Im not sure the mansion deal is happening but I got a few others going, updates coming.
Rando