All Forum Posts by: Daniel G.

Why not just do Lease Option for 90 days and day 91 sell at the price you want? If the fail, you evict, under contract keeping their down and sell at at your price...

I am not very familiar with contract for deed, but if I were the consumer, why would I pay you a large amount of money to own a home when you own the deed? For me that wouldnt make sense and if a lender looks at that it probably wouldnt make sense either.

Like I said I am not familiar with contract for deed, but I am sure you can word it in the contract somehow to where deed is not transferred until 91 days of signed contract. I would check with a re attorney just to make sure.

Fannie Mae has some good programs available to purchase their homes. Definitely find yourself a knowledgeable Realtor who has been in the business for a long time and who handles Fannie Mae properties if you want to pursue them.

I would highly suggest if you want to close by April 30 to take advantage of the tax credit, start looking now and interview realtors in the area you want to live in. DONT find a realtor who doesnt know that area or you will waste time.

Depending on the market out there and how much investors are spending, you may or may not have a chance. If you can spend $150k when investors only have $100k or less cash to purchase, you have the upper hand.

Again, interview some realtors that are experienced and google as much for first time home buyers information. This will help! I would direct you to our blog, but we are reconstructing it!

PM if you have anymore questions....hope this helps!

HI Joe, are you trying to sell your property above the 120% FNMA rule? This would be the only restriction you will have to sell within your 90 days.

Every FNMA I have flipped in a 24 hour period has been within the 120% rule of my purchase price.

Hope this helps!

I have never done a quit claim deed from flipping reos, but why not just adjust your numbers and either do a traditional double close or use a land trust and sign over your beneficial interest and collect your fee.

Have you attempted to close through a land trust?

HI guys, long time...

I agree, until you have a fully executed contract between you and bank, it is fair game for anyone and everyone.

Best way to keep something on "lock" is build that strong relationship with a couple REO agents and make sure you do ALL you can to close with them and not to back out of a contract. This allows your agents to know that you are a "real" & "seriously committed" buyer and they will gladly make sure you get the deal. Just make sure the numbers make sense and that you can resell quickly without any hold time. This works very well for me....

Since I am an agent, I always offer the listing agent the full commission. This helps me get the deal over other investors. Sometimes it works, sometimes it doesnt...I think there are a lot of other wholesalers like myself have caught onto this strategy and are using it.

With this said, I have built several relationships with REO agents that give me their listings prior to being listed on the MLS. This helps me to move them faster, making my buyers satisfied with my service, agent is satisfied and hands me more stuff!!!

My 2 cents, hope this helps!

Great comments everyone...

Crap dude! 14 pages...?
I thought we had it bad with only 5 pages....

They dont use attachments on the MLS that they REO agent has for you to use?

Oh and I make sure my end buyer gives me 10%-20% earnest deposit. =)

Hi Jorge, nice last name...we may be related somehow! :mrgreen:

If you are speaking about the contract I have w/ my agent, I dont put anything but the price I want it at and make it all cash. No contigencies whatsoever. I dont want to risk not getting it especially if its a good deal.

For my buyers, when I resell, I make sure almost everything is marked on there for the buyers portion. Such as, buyer is responsible for title insurance and closing costs. I attach an addendum to the contract and explain to the bird dog or buyer direct, this FL contract w/ the addendum is the same as a bank addendum except it is not so in depth with all the crap they put on there.

They understand it and move forward...

Hope this helps!

Dude, another GREAT post! I completely agree with the above comment. We specifically target the listing agent. I am a licensed realtor, but I dont take any commission. I just give it to the listing agent....what happens there? They get the full commission, they work with you till the end, you just built a great relationship with an agent who will give you properties not listed yet (hint, hint), and it becomes an open door for you.

I have a great relationship with the agent we just closed a deal with last week. She has given me so far atleast 20 properties before they do the BPO, before the tenants are out, before anything. By the time I have a buyer for it, she is giving me the price and I set it up to wholesale it and its done.

Stick w/ the listing agent....but in your case if the buyers agent is working for you, continue to do your thang!

just my 2 cents! :mrgreen: