All Forum Posts by: Mark A.

Brian
Buying and selling REO's is cool once you have it down!
If you want to do that then do it, stick with it, do it well and make your money.

Buying it is no big deal but you absolutely need to have your end buyer in place quickly. This will obviously depend on your buyers list and your contacts. Splitting your profits 50/50 with a wholesaler who has more buyers than you is normal and should be perfectly OK with you. You need to Get It Gone!
I'll assume you have that part covered.

Trust me on this (I'm speaking on our own FL situation) There ARE title companies out there who will do a double closing WITHOUT you having to bring your money (or transaction funding) to the table. Most investors here use the same company, they are awesome, they know their stuff, they have their own attorney's in office etc. and they perform double closings all day long, every day. It is perfectly legal when done correctly.

As for your initial purchase: Why are you using an agent?
When we buy an REO, we buy it from the agent who has it listed.
Ask that agent to write the offer for you, they will be happy to do it because you just gave them both sides of the commission!
Doing that will also give you a much better shot at getting your offer accepted by the bank.

Your Proof of Funds: You are now dealing with the selling agent on a particular property so that person will ask to see one letter, one time.
POF is easy, use one from Coastal or PM me if you want another way.

Closing the Deal: First off, you probably had to put up $1K for escrow on the deal. We require $2K cash deposits on all residential transactions so if our buyer doesn't close, we still made a grand instead of losing one.

Off you go to the closing company, your buyer is all set with cash or hard money (assumed) You sit back, let the title company do their thing, collect your check and head home to do the next one!

You were going to and did buy the property as was your initial intent with the agent. What you did with the property after the fact is neither here or there!

You better be serious about actually buying the property and be able to BUT, a POF is the easiest thing in the world to deal with!
Perhaps I shouldn't put it here but I would never let that be an issue, it's the easiest thing in the world tp take care of!
PM

Just an FYI, I have used Coastal Funding in the past with no problems whatsoever.

Remember, you do have to have your end cash buyer in place. You do not see the money, it just gets wired to your closing company on the morning of closing and wired right back to Coastal about an hour later.

Do whatever it takes to build that list!

Remember, it's always easier to find a house for a buyer than it is to find a buyer for a house!

This thread seems to be getting a little off track.
Just to clarify........
1) We use our own cash OR same day flash funding. In this case it was flash funding.
2) Our end buyer is always a cash buyer who must be able to close right away.

The original post was talking about a particular title company chosen by the selling bank to close the deal. It is well known in FL that they suck but we got it figured out.

Like I Said...........

Sorry Christian but your examples don't make any sense and certainly have no relevance!
Also, I would never be looking to make anything close to a full offer, far from it, and as for making terms favorable to the bank...... Not A Chance!
Hey Bank, here's your low ball offer, here's your $1K Earnest Deposit and POF, take it or leave it.

Just my 2 cents......
We will NEVER EVER put down 10% EMD! We put down $1K PERIOD!
If and when a Bank (via the listing and agent etc.) says it wants 10% down, just tell them NO!

YOU are in control of the purchase, NOT the bank. We have had many banks wanting 10% down and because they know we are cash buyers, they think they can get it but nope, sorry, it's $1K max or we don't want it.

Well, it worked out just fine and it's all thanks to our new RE Attorney.
He flat out TOLD the REO Bank that they WILL make the contract assignable into a Land Trust. They (after pissing and moaning) played ball and allowed us to do what we needed to.
A good day was had by all :)

Thanks for asking.

(sorry, was that a little crude for here?)

And is she really an actual asset manager? She works directly for the bank?