All Forum Posts by: Jaime Vasquez

Ilena,
How many offers are you submitting weekly? Are the houses your submitting on REO or owner? Whats the condition of the houses?

Originally posted by Ivan Poon:

Sigh, thanks guys... i think we'll just put up an offer for the listed price of the REO, there were a mob of people looking at the house and we were one of the lucky ones who got to see inside because our real estate agent didn't take a vacation

Ivan,
Were the "mobs" and "lines" of people a factor in the amount you submitted? Were you able to determine value based on MLS data of sold and active comparables/competives before you submitted the offer?

Originally posted by Steve L.:

I have an old account with a bunch of extra check books that I write a check with

I do the same thing. When/if it gets accepted, I get a real check to title. They have never cross referenced my copy with the reciepted version.

Originally posted by Rodney Dawkins:

I would like to add a question to this discussion: If you are a wholesaler and using an end buyers money to close the deal is using the end buyers money for your emd not only legal but can you get away with it?

does the end buyer know your using his cash for EMD? I always have my end buyer put the EM on wholesale deals, i have done that many many times. banks/title co.s have never questioned me about the source of the EM.

Originally posted by Andre Scott:

I offered the bank 160k, and they accepted the deal. Closed it in 7 days CASH

Andre, how did you get the bank to close in 7 days? Is this common for anybody else? I have been buying REO's for years and the fastest closing was 3 weeks.

great advice! thanks so much!

How do you guys approach selling (retail) from October to December? I have two rehabs to be ready to market during these times. I usually avoid inventory during the fall months due to holidays, vacationing, etc.

Originally posted by Michael007:

Jaime, when you say you put a copy of the earnest money in the offer package, do you write out 20 different checks each time? Also lets say you ony have 1000 to give as EM and you get 2 offers accepted ,what do you do?

I use the same copy for standard offers I submit. They are made out to "title company". If the offer is accepted, I deliver a fresh check to the title company, they have never said "O this does not match the copy you sent in the package". If the EM is a specific amount requested or i want to get some attention with say a 10% EM, then I will right a check specific to that offer. if more than one offer is accepted, as Will says, i would cherry pick one.

REO docs include the 1 contingency your looking for as the bank will override the original contract with an addendum that grants you a 10 day option without a fee. you can submit as low as a EM as you like but if your planning on closing why not get their attention with a nice EM. Regardless of the amount, be sure to include a copy of the EM check made out to "title company", its part of the package (contract, copy of EM, bank statement/proof of funds).

The agents who list REO's, are who i refer to when I say REO brokers. I would say to use a buyers agent to submit your offers. As a buyer, I have never had to back out of a contract and I feel this had gained my offers and b-agent favor with certain brokers as it seems my offers keep getting accepted by the same set of brokers.

If you plan to close cash, and you are serious about wanting to buy, then use your buying power to get offers accepted. Beware not to burn you or your agents rep by not closing deals especially with big brokers.

Its good your out there trying and asking questions!

i have done several deals under 10k in San Antonio's west side. I am currently in the process of selling one for 15k (pending) and another for 25k(option). Its been a couple of years since I have done some 10k deals but im sure they are out there. Theres always junk, but you can find some small ones with good bones.