All Forum Posts by: Daniel G.

Okay so this SFR is a 4/2 no garage, in a nice area. Average prices in sales last 3 months have been in the low - mid 300k's. Taking all active, pending, and closed sales, this property is comping in the mid 300k's. Property needs about $15k - $20k in repairs (water heater, center flooring, appliances, w/d, demo attached wood to roof- wont damage roof, door knobs, and very minor knick knacks). The only thing that concerns me is the patio which was converted to a FL room. Looks to be done professionally, but the roof (tile) doesnt match or wasnt done very nicely like the rest of the roof.

This property is 2 blocks south of where we live. SO I know its in an excellent area! Middle class neighborhood.

Property is listed at $250k, but he tells me they would take an offer at $230k. he received cash offers at $210k & $220k and they rejected them.

I should be able to line up an end buyer for this cash, since he is getting other offers in at $250 and up financed and cash.

What are thoughts, thanks!

Thanks everyone! I greatly appreciate it. We just submitted a contract for a property in Hollywood, FL for $80k. With last 6 months on the comps, the property is coming in around $137k.

Im allowing the listing agent to be my buyers agent so he can get 6% commission. With this simple technique, he gave me the rest of his prelistings coming up!

I believe we have an end buyer for this property as well. I will keep everyone posted.

Again, thanks for your advise guys and gal!

How are you avoiding the REO's from FM on the MLS?
Are the REO agents you deal with only list non-FNMA & FM?

WOW! Great info from some experienced wholesalers in the REO field. I greatly appreciate it guys and gal!

The more info the better...any other takers?

Thanks for the input guys...
This will be a flip transaction. I will start advertising for this house prior to putting a contract on it. If I dont get this house, atleast I built some buyers in the area...

My broker understands that I wholesale on the side and he is okay with it. I dont believe there is anything in my contract, but I will check. He is a small brokerage company and is cool with these kinds of transactions.

Excellent info, thanks! The banks will close that fast with you? I have been seeing and hearing longer closing time...please advise, thanks!

Other comments welcomed!!!

HI again,

Okay so I passed by this SFR in my neighborhood. I have had my eye on it for a bit of time. Drove by today and called the realtor. There is no sign yet, but it is listed. Spoke with the realtor for about 30 minutes and connected with him very well. I let him know that I am an agent, but not interested in making commissions for myself as I either buy and hold or flip to cash clients (end buyer) because of short term money. I also mentioned that I am looking for a REO listing agent I can work with and do business with....long story short, it was a great conversation and he had no problems giving me the majority of his inventory along with some prelistings. I also mentioned that I dont want a commission, he could take the full pay on it...ya he loved that one!

SFR - selling for $250k, just reduced the price a few days ago. Average selling prices in the neighborhood are in the high 200k's and last 90 days closed sales are well in the 300k's. I dont have buyers for this yet, but have no problems marketing in the area and blasting to our buyers list. House needs very little rehab...hardly any cleaning.

Thoughts and comments welcomed! I will post average active, pending, and closed sales tomorrow...

I buy cash with bank on reo, line up end buyer to purchase with b-c contract w/ addendum. The addendum you tie your buyer up with the contract to sell to them. For example, I have seen some people with their addendum stating:

This transaction is contigent upon xyz corp buying and closing with bank in first transaction.
Buyer is purchasing property as-is/where-is w/ a 5 day right to inspect.

Contigencies such as those...someone enlighten me, thanks!

HI guys,

Wondering if anyone has an addendum to provide to the end buyer when flipping REO OR can anyone just list the best contigencies you use in your addendum?

I would like to see what everyone is using and implement that into mine and have my attorney review it. Thanks for your help in advance! :mrgreen:

I just met with my r.e. attorney on saturday and I am meeting with him again tomorrow afternoon and he was telling me that they have now pushed the 3 month restriction to 6 months.

I am meeting with him again to review this scenario a bit more along with other topics. I will keep you all posted if I hear anything different from these posts....

Good thing he is a partner of mine, so I dont have to pay him a dime! =)