All Forum Posts by: Stephani Davis

It happens occasionally.

If the agent and/or asset manager is smart, they will send you the bank's addendum with the the inspection period crossed out. I've had it happen a few times.

The bank's addendum is technically a counter offer, so if you don't approve of the terms they are presenting to you, you don't have to sign it.

Steph

I know with short sales the land trust won't fly, but I've never heard of anyone having their REO offer rejected because the buyer was a trust.

I know several people in my market who use land trusts to wholesale REOs, and they seem to pull it off just fine.

Perhaps it'd different in other areas, though..

The banks are constantly changing their rules, so maybe it's best to just submit the offer and see what happens. Worst case is they tell you no.

Steph

I've done courtesy closings at my title company when the bank's title company was also in Tampa. I just tell them I do all of my closings at my title co and they need to send everything to them once the deal is ready to close.

If you have a good title company on board, they should be able to coordinate the two closings no problem.

Good luck,
Steph

Most of the letters from transactional funding sources will state that the cash is coming from the lender. It's up to the bank to decide if they will accept it as a cash offer or not. Some will, some won't.

I don't see anything unethical about it.

Steph

Hi Dwight,

Like I mentioned in the email- I would suggest consulting with a real estate attorney in your area, as opposed to getting legal advice from title agents, realtors, and mortgage brokers.

It seems to me that double and/or simultaneous closings are difficult, if not impossible to pull off in CA, so why not try using another method to close your REO deals?

Not sure if you saw the thread about using land trusts to get around the no-assignment clause- I'm pretty sure the person who posted it was in CA. Here's a link to the thread:

http://www.biggerpockets.com/forums/16/topics/37088-flipping-reo-s-via-land-trust-

This strategy seems to have worked fine for Anthony, so you might want to consider doing the same and forgetting about a double or simultaneous closing.

Steph

Some will accept them, and some won't.

The only way to find out is to make an offer, and then adjust accordingly. Worst case, you can make the offer using a financing contingency instead of making it a cash offer.

Or just move on to the next one, like Scott suggested.

Steph

If the numbers work it shouldn't matter if the deal is coming from a wholesaler or not. Even if they are selling crap deals, it's up to you to do your homework and if it's a garbage deal...don't buy it.

If you can find a wholesaler who knows what a good deal is, I would definitely go that route and let them do the leg work for you.

Good luck,
Steph

Woohoo- congrats Drenda!!

Hi David,

I think you may be over-complicating things in your mind..

Once you find some active cash buyers, and you know exactly what type of deals they are looking for.. then go and find deals that fit their criteria. Just make sure that when you are making your offers, you are leaving enough room for you to make a profit.

Once you have the buyers lined up and you know what a good deal looks like to them, it makes it much easier when you go to make your offers.

That's how I approach it, anyway- I line my buyers up first and then work backwards...

Does that make sense?

Steph

I agree with Gregory. You only need a handful to get started. Find out exactly what they are looking for, and then go and find it for them.

If they are real buyers, and you bring them deals that fit their criteria, then you are in business..

Steph