All Forum Posts by: Stephani Davis

Hi Lisa,

I have heard that Coastal Funding will provide you with a proof of funds letter to submit w your offers. They do transactional funding on short sale and REO deals.

I have not used them, so can not vouch for their service, but I know of a few wholesalers who are using their pof letter to make offers.

Try Googling them.

Good luck,
Steph

Best to just be honest with them. I tell people first thing that I am a wholesaler and I specialize in bank owned properties. I make it very clear to them upfront that I am buying from the bank, and then selling to them. It also states in my contract (to sell), that the sale is contingent upon me buying the property from the bank.

I have never had any resistance from any buyer once they found out that the property was listed. If they are getting a good deal, they shouldn't care. If they do- find another buyer.

Good luck,
Steph

Hi Ingrid,

I don't think it has so much to do with them waiting to hear the latest bailout news as it does with them just being way, way behind.

It is a mess.

Some of the REO deals I am doing right now are taking as long to close as a short sale would. I am frustrated beyond belief.

Steph

Jean,

I would just keep checking back with the lising agent every few days- it has to hit the market eventually..

I haven't been able to find any rhyme or reason as to what the banks will accept at any given point, so I just continue to make offers that work for me, and I have been doing pretty well with it.

I have had the most success with the ones that have been sitting on the market for awhile, and are already listed at somewhat of a discount.

Hope this one works out for you.

Steph

Hi Jean,

It is taking the banks FOREVER to get anything done... from responding to offers, to getting docs signed, to getting to the closing table- the whole process is painfully slow and inefficient, and seems to be getting worse.

I'm still waiting to close a deal that I put under contract with the bank back in July. It took them 3 weeks just to get the contracts and addendums signed and sent to their title company. It's very frustrating, especially since values are dropping as each day goes by.

I guess it just comes with the territory, but it sure is frustrating.

Steph

What does "quality sales quick" mean? I'm confused.

I've been working on building relationships with some of the big REO agents here, and it is starting to pay off. It takes awhile, but once you close a few deals with them, they are a lot more willing to work with you and push your offers through.

As far as the double closing goes- I don't see why it would be any different if they were both local. It's worth a shot, anyway..

Jon,

Yes, it is done at 2 separate title companies. The bank's title companies are usually in another city, so they email all the docs to me, and then I forward them to my title company here, and we do both closings at my title company. They then wire the funds back to the bank's title company as well as FedEx the docs back to them. They call it a "courtesy closing."

Andre-

I am getting my deals off of the mls. There are so many REOs listed right now, it's not that hard to get a good deal if you are making offers consistently.

Ryan,

Yes they require you to use their title company for the first half of the transaction.

I close the second half of the transaction at my title company.

It's a few more hoops to jump through, but not a big deal once you do a few of them.

I am flipping REOs successfully in Tampa. I have 3 closing this month, and possibly a fourth.

I am doing simultaneous closes with my buyer...meaning, my title company is using the funds from the end buyer to fund both transactions (the sale between me and the bank, and the sale between me and my end buyer). This way, I do not have to bring any money to the table.

Once you start closing deals with some of the REO agents, and they see you are a serious investor who actually closes, things become a little easier. It also helps to make your offers as clean as possible (no financing or inspection contingencies), and be able to close fast.

Hope that helps,
Steph