All Forum Posts by: Rob Widmark

That stinks!

I recently made an offer on a Fannie Mae foreclosed home, the listing agent called me back and was excited about my offer.

But, she kept going on and on about how many repairs it needed… And I kept telling her, making repairs to the house was not a problem. The cash buyer I work with doesn't mind doing rehabs, especially when it's a good deal.

That ARV was around $221, 000 and the asking price was $124,000… I made an offer at $95,000 cash, she called me back almost immediately.

Then she started asking is it going in my name, I told her… Ultimately, it will go into a company name.

I told her the contract will go in my name, but… The title will ultimately go into the company name.

She started asking a few more questions, I've already forgotten what these questions were.

I eventually told her I was a wholesale investor.

I told her we would be doing a double closing.

Her response is the reason why I forgot all other questions.

"Fannie Mae won't allow that, I've been doing this over 20 years… They won't allow that."

I am just going to move on, but… I figured I would get feedback from you nice people about this.

It almost seems like she wanted the place for herself, not wanting to sell or make the offer.

Whatever, onto the next…

I'm glad I did a Google search, "wholesale real estate Anchorage Alaska"…

I've just recently learned how to research cash buyers, very similar to what Sharon suggested…

Maybe we can do some sort of joint venture/marketing agreement? You bring the contract, I'll market to the buyers?

To anyone who else may be interested, I can do this research in any market.

You could buy the list from me, or… A joint venture/marketing agreement, I am game either way… I need to break into the game anyway I can right now.

So, I'm reading this book… "Finding Fortunes in Foreclosure", I only bought it for $1.25… It has three strategies, I know of the strategies. But, I really haven't quite implemented them yet.

I got to the lease option section, there is a paragraph that reads:

"What makes the lease/option so powerful for you is how the lender views it. In the eyes of the lender, a lease/option is not that much different from a financial transaction lenders do all the time, a transaction known as a seller-held mortgage. The seller does hold the mortgage in a lease/option, so if it acts like a duck and quacks like a duck, it must be a duck to the lender. For you, this means that your lease/option may qualify for refinancing on favorable terms."

So, I could actually get a house under contract using the lease option agreement with the right to sublease.

Then rent it out as just a straight lease to my tenant.

While my tenant is paying my sellers mortgage, I could actually go to a financial institution and apply for a refinance loan?

"We can only guarantee funding though, AKSEL ENERJI INVESTMENT HOLDING will only be looking at a direct loan/debt possibility at the moment through our investors in our AKSEL ENERJI INVESTMENT HOLDING IB scheme as we all know that investments are not totally safe with the global economic situation. We are currently far stretched on JVs and Equity positions from 2012 with several clients and cannot take on another at the moment. A direct loan is all we can offer to applicants who meet the set criteria for Insurance Bond loans.We shall commence the funding modalities once you procure the Insurance surety bond.

We would fund your project as a debt financing at 5% ROI for a duration of 6-7 years provided that you are ready to procure an Insurance Bond to act as the security for the funding.

The insurance bond is collateral security obtained from a reputable insurance company situated here in Istanbul Turkey which will serve as a running collateral / guaranty on funding. With the availability of the insurance bond this certifies that in the case of any default in the repayment of the loan the insurance company would be held responsible and be made to re-imburse our company on your behalf.

Once it is accepted by you we would commence funding modalities and initiate a date for a face to face meeting for closure."

Could somebody translate this into layman's terms for me? :-)

I understand the part where they can't do a joint venture partnership right now, and that this would be a regular loan.

For my main question is: Insurance Surety Bond, I've never heard of this.

I don't know exactly why they want me to get a bond.

Any feedback/help would be greatly appreciated.

Rob

Here is what it looks like, at least the home evaluation part.

I was wondering if anybody has ever used http://www.city-data.com/ for their comparables?

It gives you two choices, one for home evaluation and one for recently sold in the area.

They don't seem, to be overinflated like Zillow

I'm sure this is been asked before, but… I haven't found an answer anywhere in the forums, so… I thought I would ask:

I'm a newbie, so take it easy :p

ARV is 100K, I get it under contract for 40K…

Can I now go to a bank and ask for some sort of line of credit or even a loan to do the rehab?

I'm just curious and asking.

I was just wondering if anybody had any experience on getting a foreclosure property into a lease option agreement?

How receptive are banks and lenders alike to investors acquiring property like this?

As an aspiring wholesaler, I've been toying with the idea of asking listing agents for banks and lenders about getting a piece of property with a lease option (of course negotiating below market value) and then instead of marking up the price for a cash buyer.

Simply charge 5K-10K for their consideration?

Thoughts, feedback, advice… What you think?

How would you structure the deal?

(I asked the same thing in another forum here on bigger pockets, since this forum is for bankers and lenders… No better way to find out, then to hear straight from the horses mouth)

Okey-dokey, I'll be here… Doubt those properties will be, but… :-)

You never know.

Good luck.