All Forum Posts by: Anthony Giannette

Katherine,

BofA has been doing business in my neck of the woods a long time. After seeing 800 or so REO closings cross my desk during the past 3 years, having the buyer pay any utility bill is outside the normal routine. Normally the listing agent pays the utility bill and is able to obtain reimbursement from the bank at a later date. This is totally fishy in my opinion. However, Auctions have thrown a wrench in the gears so maybe this is change in the wind?

Adam,

If you are burning out with RE sales. Just take a week to formalize your database of contacts and just market to those. Stop the prospecting at this time and just do a few deals a year instead of the heavy 24 or 50 per year. I am getting into that high end load myself. My partner and I are on track to maintain a new listing every week right now. Sounds like a light load but it sure can keep two guys very busy.

Not much you can do at this point currently. But when you get an applicant, use an online credit check company. Normally about $39. They do an ok job of checking references and will let you know about a history of bad banking habits. In Washington, that credit check is paid by the applicant.

Hi Josh, Broker from Seattle here. 

No need to wait if you are buying to hold. Look at duplex, triplex and quadroplexes to start. If the seller really wants to get out from under the property, you can often get it for less than $5k. This is being generous. As you may recall, 2008 had owners looking at the news, looking at their statements, and just packing up and leaving because they are upside down on their mortgage. No confirmation, no eviction, they just left. Vacant house anyone? (this should get the discussion stirred)

Sure you can. However you need the right connections to do it. Seeing as almost everyone here wants to buy something for nothing...even ME! The barrier to entry is finding someone to trust you enough to foot the repair costs. Banks have been doing this with their own foreclosures for quite some time now. How YOU must do it is come up with Earnest Money at the minimum. Then you have some time to run around finding someone to help you with it. Not the best plan, but this is the outline.

The newest and best mouse trap to keep you from buying is the old "Pre-Qualifying" letter. This is a letterhead note from a bank or private lender who basically states that you have access to the capital financing to buy this property. This is a way to prevent financial contingency foul-ups for the seller. AND if you get into this process, there is a chance the seller will "reserve the right to sell". This moves your offer to an open offer instead of taking the house off the market. The race has begun!