All Forum Posts by: Richard J.

I was just putting some of my old emails into folders and came across some material that I thought might be of use to some of the BP members:

I just did a copy paste of some of the email. Looks like I must have purchased something (a bad habit of mine-since I do not follow through for the most part). There was a link in the email to a Business Plan Guide, I quickly read through it and it had some good tips in there. There must be a website for this operation. The material is an easy read/easy follow for those of you needing some help with doing up a business plan to get funding/partners etc. Good Luck! -- Dawn

Who is Growthink?

We are a strategic advisory firm specializing in assisting start-up, emerging, and middle market companies with the growth and financing process. We help our clients:

•Develop professional business plans
•Secure capital
•Sell all or part of their business
•Value their business
•Pursue business growth initiatives

Great Job Ty! So nice to read a happy story. Hard work does pay off in the long run and I agree BP members are a great bunch of people! As busy flippers we would be able to utilize an operation like yours. Once you get settled in and catch your breath, you could create another win/win with a business model not only for asset preservation (which we utilized them MDA here in CA on Ocwen REOs), but also for Investors that flip and do not have the time to babysit projects... could use a smart, go-getter team like yours. Make sure you take care of yourself, RE business tends to get you to burn the candle at both ends (its so much fun), but can take its toll! Best Wishes, -- Dawn

and then there is integrity, there are always a way around the rules and the triple A stamp by Moodys and thus the RE market collapse, I'd never do business with someone that thinks that they are so smart that they can outsmart the system, that is dishonest, we have rules for a reason, and unfortunately we have to lock our front doors because of people who technically, walked in because some trusting idiot left their front door unlocked. "Pocket Listings" are unethical. Why play by the rules when so many people cheat, skirt around them and brag about breaking them? , because it is the right thing to do, and if enough of us play by the rules we will send a message to those cheaters that won in monopoly as kids by rubbing the feet of the banker! Just shows who your really are in my book! -- Dawn

what ever happened to creativity?

Exactly. and no further comment, LOL!
-- Dawn

What is nice is that you can do most of your research online. County Records, just pull the FR data and you have the defaulted homeowners name, go to CR and check for liens. Then go to County Tax Assessor/Collector and look to see if they arrears on their taxes, knowing this is a big leap forward, take notes and make your move. What makes me nervous if you want to know the truth is comping and I have been comping for close to 20 years, if you mess up on comps it could cost you dearly. Right now in this market we are currently comping at 90 days out, thinking about doing only 60 days out and it is on a street by street basis, what we are now doing is instead of a 75% going all the way down to 50% off retail on some streets, yes, it is that BAD! and we are sitting on a pretty penny, so if you are on a tight budget, be real careful comping. We also save on listing commissions, since we list our own props. Also, it would be wise to watch the active listing pricing trends, a real killer if you don't. Be smart, do your homework, remember, the buck stops with you and flies out of your wallet not your real estate agent that will get upteen phone calls (leads) when they put their real estate sign in the front yard, kind of like hookers, no matter who the jon is, they will get laid, I mean paid! such is the life! -- Dawn

I was doing my auction drive bys last week and lo and behold, a woman answered the door and said that she had just closed on purchasing the home as a shortsale just about a week earlier, she got one delicious deal. I'll have to get back with you after I find my notes for the specifics, but right off the top of my head, I believe that she purchased the home at about 60% of market value (current market value, like todays value, as I would have BPOd it that day). She was an owner occupant, nice older woman, I was happy for her, but sad for myself, LOL. It does happen guys. and gals. -- Dawn

LR we are looking to partner up with an honest person, like the fact that you are a Type A, let us know what you've accomplished and let's see if we're a match! Thanks! -- Dawn
PS, like the fact that you're a PRO, shows that you don't mind spending a few bucks to support that which you utilize, indicates character in my opinion.

What an organized kind of a guy, like the way you link it! -- Dawn

I didn't quite understand the question. An REO is now listed with a real estate agent and you want to make an offer on it with your buyer?

If you have a purchase agreement accepted on the property it is not with the agent, it is with the Seller (REO owner/bank whatever the entity might be, who knows anymore).

While the property is active as a listing, the agent has a duty to the seller to make it available for showing to buyers via licensed real estate agents, only licensed real estate agents (CA), can talk specifics about listed real estate (the law).

Then the terms of the purchase agreement come into play... the buyer's access or lack of access thereof are determined by what was agreed upon in the purchase agreement. The window of time for the inspections, appraisal contingency (if any), etc., everything is negotiable (almost everything) and once you have a fully executed purchase agreement, then the parties must follow what they have agreed upon. The licensed real estate agents have a duty to make sure the parties rights are adhered to.

The Listing Agent isn't subject to another commission, they have the contractual right to it, if it is so stated in the Seller signed Listing Agreement and they double end the transaction (represent both buyer and seller = dual agency, which can be very dangerous in a litigious society- but hey, liars need to earn a living too!)

Hope that I answered your Q okay.
Good Luck! -- Dawn