All Forum Posts by: Dave Grosse

yeah buddy i need to do that too!

Hi Jonathon - the negotiation of price is between the bank and your buyer if it will be a short sale. Unless you have an FHA loan, you will not receive any proceeds form the sale of the property(not legally anyway).

the phone cuts out every time you try to call the negotiator directly or just BOA in general? that's kind of weird.

Find out from BOA who the investor is - if it is Fannie Mae, Freedie Mac, or Ginnie Mae, they will generally only accept an offer that is in the neighborhood of 86% of the BPO value. If it is someone else., then its anyone's guess what they will accept for the offer. What does your realtor think the value is?

Where are you located? and does your buyer have their own agent or did your agent bring them in? there are a few people here on BP that do negotiations - hopefully they will chime in. I don't think I would go to the expense of hiring a lawyer to handle the negotiations just yet. Have the buyers presented their offer to BOA yet?

I agree that it would be easier to assign the contracts Jaremy. I try to make sure all my deals are at least $20K since I'm splitting profit 3 ways.

In my market there aren't too many folks who can pay me $10K+ in cash to buy a $100K house. If its a place that needs work I will try to flip to a rehabber, or if I have enough spread I would certainly flip to another investor, but I prefer to flip to retail buyers to make more $. at least until I have a solid pipeline and am doing a lot more volume

scott i think it was you who suggeseted letting BOA choke on all their loans; I have opted for that route and just straight out decline anyone who has a loan with them

wow - guys thanks for all the varied responses; its nice to know I have so many great minds to help me out when i need it!

Nick - you nailed it, I was totally confused, LOL!

that's funny, I just read Chris Brogan's blog this morning about pursuing the goal and not the method. I love when stuff comes together in life and I actually notice it.
What exactly do you mean by "clearing title through the negotiations" though? that sounds like some fancy bs answer to give someone. are you just saying that through my negotiations with A's bank I am assuring there will be clear title when its time for C's lender to close?

Jaremy - I will be doing a double close, not wholesaling.

Bill - assigning the option sounds nice, but aren't there a whole lot more folks wanting to buy, who don't have $20K lying around to put on a $115K property? If i had more spread and less partners to split it with then I would certainly pursue assigning it to another investor.

I've got a few here and I'm feeling really stupid asking them!

1. We buy using an option contract. Haven't closed a deal yet, but are getting close. we haven't had any complaints from the banks about using an option contract on the few deals we have submitted. Do we need to record our option with the county? I've read before that it doesn't really do anything, maybe gives you equitable interest(some say it does, others that it does not)

2. What is the interaction/conversation between the Title co. and the C buyer's lender? For instance - when the C lender has a title search run, they will see A homeowner, not me on title. does the title co just say "yeah A is selling to this guy Dave, and he is re-selling to your C buyer on same day."? And will recording our Option contract help with this process?

Thanks and feel free to poke fun at my ignorance

well i've been in belleveille all my life so its not so desirable for me! i'm not so sure about the schools either - although i don't have anything to compare them with. I think the prices are pretty fair over here, but again i don't have much to compare to.

SS have been OK - we're getting about 12% response from lis pendens mailers. but the nicer homes generally haven't been responding so i think I may resort to door knocking for those

can you help me determine where the good areas to invest in STL are? oh and do you know of a good real estate agent there?

Hi Nina - I'm right across the river in Belleville, IL. I'm doing short sales over here and will be looking in STL in the next few days. what type of investing do you focus on right now?

sweet - thanks andy

christopher - thats a great idea concerning the b-c transaction, hadn't even thought of it. i'm sure plenty of realtors would love that!

and caleb - that's exactly why I am considering doing it too. I figure, if i can't flip it, I may as well be the agent that gets paid to sell it retail!