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well, i guess we'll keep you around for a bit. better watch it!

yeah, but i couldn't really hide the fact that i was out of state, and out of normal phone reach. had to have my father-in-law take over the transaction for me. that's life...

seems like a $10k-15k profit seems pretty good for the amount of money you'll have invested. you can try and lower the price, if you're ready to lose the deal. a bank doesn't have the same desperation that an individual might. the person in charge of that account might be in a hurry to get rid of it, but not because he's about to be homeless... and i'm pretty sure the bank already knows how much work it needs, or they wouldn't be letting it go for about half of arv.
that being said, it's just my opinion. i don't have much experience, especially with reo's, but i do have a lot of free time to be handing out questionable advice...

-dean

josh,

i missed that one. the highlight of my sad day is pointing out these used car salesman. at least with a car salesman, when you go to a car lot, you expect it.

they're going to send an appraiser. as far as most lenders are concerned, the appraiser is the proof...

thanks ryan. i have a post on here somewhere where i explained the deal in more detail. essentially, i was at ft dix, preparing to ship to iraq, and about 2 days before closing he demanded a significant price reduction because i was "ripping him off." jerk. he knew i was in a tight spot, and he tried to take advantage. i'll give the house away before he gets a cent from me. i'm hard-headed like that, sometimes. anyways, now i'm wishing i had the check made out to me. i'll never make that mistake again. btw, still trying to sell it. it's hard getting things done from 10,000 miles away...

-dean

martin,

let us know how it goes. i'd like to hear about one of these courthouse auctions firsthand. good luck.

-dean

"luck favors the prepared."

Question:

When I tried to sell my house the first time (FSBO), I received an earnest money check. Sent the check to the Title Co. He backed out, but not for the escape clauses (financing, inspection). I tried to collect the earnest money, and was told he had to release it to me. Since neither of us would release it to the other, I was told it belonged to the State of Texas.

Any thoughts on this? The house was off the market for 2 months because of this, and I'd like to get that check, but not if I'll have to pay a lawyer $5k to get it back. Any ideas on how to avoid this in the future? I'm guessing, don't put the check in an escrow account, but I don't know if that seems improper...

Thanks for the help,
Dean

Question:

When I tried to sell my house the first time (FSBO), I received an earnest money check. Sent the check to the Title Co. He backed out, but not for the escape clauses (financing, inspection). I tried to collect the earnest money, and was told he had to release it to me. Since neither of us would release it to the other, I was told it belonged to the State of Texas.

Any thoughts on this? The house was off the market for 2 months because of this, and I'd like to get that check, but not if I'll have to pay a lawyer $5k to get it back. Any ideas on how to avoid this in the future? I'm guessing, don't put the check in an escrow account, but I don't know if that seems improper...

ideally, look for good rehab opportunities, and when you're too tied up to start another one, call some of your investors to wholesale or assign it. sometimes, you might have the extra cash to invest, and with some good cash flow you'll keep it as a rental. there are a lot of facets to this, and most people will concentrate on one, but the greatest success will probably lie in a combination. that doesn't mean you won't have a conecentration on a certain technique, but you're ready for other opportunities that present themselves.

-dean