All Forum Posts by: Stephen N.

Here is my situation. i have found a seller who is willing to take 10% cash up front and owner finance 10%. I would get a loan for the other 80%.

The problem I am running into is that I cant find a bank who will lend on the property unless I put down the entire 20%.

How can I get around this?

Do you think it would be possible to get my realtor, the original listing agent and the bank on the phone at the same time to get an explanation as to what happened? I still can't fathom how this could have happened.

Ok, i am a newbie so I'm sure I made some mistakes which are pretty stupid, but I don't know what else I could have done.

Here is the scenario. On April 21 I put a cash offer on a REO that was just marked down to $39k. I submitted a full price all cash offer. What happened next is still something I don't understand.

The day i put in the offer the property was marked "pending" on the MLS. The listing agent told my realtor that my offer was accepted. I was extremely excited as this was going to be my first deal and it had the potential to be very profitable.

A few days later I get an email from my realtor telling me to sign an addendum. it seemed pretty harmless. none of the terms of the orignal offer changed so I just signed it.

I was told by my realtor after I sent in the addendum that everything was fine. My offer was accepted and the only thing left to do was close. The title company was notified and they started working on prepping for the closing.

Well a few days ago i get a call from my realtor telling me that the bank had pulled the listing from the original listing agent and was going to put it on the MLS again. I was speechless. He said the bank never signed any of the documents and we never had a deal. He said the original listing agent kept telling him all the paperwork was fine and that we had a deal. I realize now how stupid it was for him to let it go so far without requiring them to produce a signed contract, but that's water under the bridge now.

So what in the world is going on here? Has this ever happened to anyone? Do I have any recourse?

i bought a list from listsource for absentee owners in my area. My question is how often should i run this list to get new absentee owners and how do i keep from paying for absentee owners i've already paid for?

Tony,

How many direct mail pieces do you send out a week?

Taz,

On the letters how do you handle the signature? Do you use the same font as the body of the letter?

Also, when you print on the yellow stock paper do you print the lines so it looks like yellow notebook paper?

I would like to make my own yellow letter using a color printer.

Has anyone ever done this before? if so, what font did you use to replicate the red ink from a Sharpie?

According to folks at Realquest the information they get from the assessor's office does not distinguish between sfr and multi unit.

i would like to market specifically to owners of multi family properties but the tax assessor where i live does not distinguish between single family vs. multi family properties. So when i get an absentee owner list from listsource i can't specify multi family properties.

any ideas on how I can get around this problem?

Douglas,

I tried to pm you but you are not one of my colleagues?

so i sent a request to be your colleague and i put my contact info in the message. Let me know if you didn't get it. thanks.