All Forum Posts by: Phil Z.

Occasionally agents say that because they forget about construction loans and are making false assumptions.  Many times it's not even dictated by the seller.  Banks are now making it clear for agents NOT to take it upon themselves to restrict financing types.  If you can get a construction loan I would continue.

I don't think he was talking about the Standard Addendum.  Occasionally asset managers will make deal specific terms like non-refundable deposits.  It is very risky.

ALL HomePath offers are to be submitted through HomePath.com, but have to be submitted by an Agent.   If you submitted directly to the agent, then they probably are representing you on the buyer side?  If not they could get into a lot of trouble for circumventing the homepath website.

Agents submit offers from HomePath into Equator.  FannieMae reviews offers in equator and doesn't review offers in HomePath unless they suspect a problem.

Foreclosure mailings are good.  I have had successful deals from them.

- Lis Pens is the banks filing in the land records that they started the foreclosure process.

- A Foreclose Registration is also known as a 'Vacant Property Registration' where foreclosed properties register with the town to notify them they acquired a property through foreclosure and/or the property is vacant.  It's not in the land records, they manage it separately.  It provides an owner contact and local contact if someone needs to be reached in regards to the property.  These are already bank owned and would be a waste of time.

He's referring to a Buyer's mortgage guideline that restricts loaning on properties that are being resold quickly. This used to be a big problem, I think for FHA mostly.

However, I believe this guideline is temporarily on hold, or can be over-ridden with proof of repairs and/or 2 appraisals.

No legitimate mortgage company or government entity is going to post names of qualified buyers. Why can't you just list the house on the MLS as 'FHA Approved' when your done with your basic repairs?

You need to be a little careful with this strategy.  If buyer's reject the property due to the condition, you may be forced to full rehab the property or significantly reduce the price.  If rehabbing wasn't in the budget, your in trouble.

Posting on a website is amateurish.  It looks like you can't find a buyer because ITS NOT A DEAL.

Build a buyers list and then find them properties.  Give 1-3 of them exclusive first look.

1. Do not send out mass emails of a 'deal'.  It looks like last weeks leftovers and/or your an amateur with no cash buyers.

2. Know who are real players on your Cash Buyers List and give them exclusive 1st look.  They will love you. If no real buyers want it, then shoot out your email blast.

3. In most cases, all you need is a Street Address and a low Asking price to get investor attention. A lot of photos are a big plus. You can provide an ARV and Repair costs if your 100% they are accurate.

4. Maybe it's just my area, but from what I have seen, unless you are dealing with big apartment buildings, most investors don't even use ROI. I don't know what they use, but it seems to be just a matter of them feeling like they got a lower price for the neighborhood. The key to wholesaling is to find the Cash Buyer who's ok with thin deals.

You need a property under contract at a price less than what a Cash Buyer is willing to pay.

- Find Cash Buyers

- Find Motivated Seller and put their properties under contract for less than Cash Buyers are willing to pay.