Question About Flips - Posted by Brian W(IN)

Posted by Ed Copp (OH) on March 14, 2000 at 20:32:23:

A top notch Realtor probably knows a dozen or so…So get a dozen or so top notch Realtors, talk to them every week and you should always have about a gross or so to choose from…ED

Question About Flips - Posted by Brian W(IN)

Posted by Brian W(IN) on March 14, 2000 at 13:49:27:

This question is for the wholesalers who flip properties to other investors. If you are required to present a proof of funds letter or prequalify letter before you even can submit an offer on a property that’s listed with a realtor, do you obtain this letter and use the same letter for all of your offers or do you need to provide a different letter for each one of your offers? How did you handle this? Also, I would like to know if you present all-cash offers, are you still required to provide a proof of funds letter? Thanks to all who respond.

Dont complicate it - Posted by Darin

Posted by Darin on March 14, 2000 at 15:29:01:

There are lots of realtors who get in the way are there are others who dont. Get out there and find the realtors who can put deals together. There are deals in the mls, you may need to write lots of offers to punch through the clouds to find the motivated ones. Find realtors who want to do business and commit your self to write deals through them who find deals either through searching the mls or prospecting.

Find a mortgage rep who will work with you and have him put together an approval letter. A mortgage rep can always put together an approval letter and your approval subject to several things, such as credid application, employment verification, pay stubs, tax returns, …

You really need to read Steve Cooks postings and how to articles.

Darin

prequalify letter - Posted by DJ (DC/MD/VA)

Posted by DJ (DC/MD/VA) on March 14, 2000 at 14:14:21:

I would also like to know. I am currently working on a deal with a realtor, she requires a prequalify letter. Any help would be appreciative.

DJ

“”"""""""""""“REALTOR”"""""""""""""" - Posted by Mort

Posted by Mort on March 14, 2000 at 14:04:24:

What’s wrong with this piicture?
""""“REALTOR”"""""""

That is the killer word here

Mort

Lose the realtor listings and find motivated sellers - Posted by Mort

Posted by Mort on March 14, 2000 at 14:44:09:

Lose the realtor listed properties

Mort

Re: “”"""""""""""“REALTOR”"""""""""""""" - Posted by Brian W(IN)

Posted by Brian W(IN) on March 14, 2000 at 14:37:04:

Are you stating that I should stay away from realtors when searching for properties to flip? If so, then should I try to find motivated sellers on my own by using different advertising methods? What would be your suggestion to me on how to find houses to flip? Your answer is appreciated.

Re: IGNORANCE… - Posted by Ed Copp (OH)

Posted by Ed Copp (OH) on March 14, 2000 at 14:24:51:

What’s wrong with the picture is IGNORANCE. The Realtor can make NO requirements on her own, except as mandated by state law or REQUIRED, IN WRITING BY THE SELLER…ED

Re: Lose the realtor listings and find motivated sellers - Posted by Steve C., Houston

Posted by Steve C., Houston on March 14, 2000 at 16:17:50:

I am a Realtor who works with investors, as I am this Saturday. I can pull up properties with assumable mortgages with or without qualifying, owners who will take back financing, etc. Not all realtors are single-minded commission mongers. You just have to search a little harder among our ranks to find one who can think like an investor.

Re: Lose the realtor listings and find motivated sellers - Posted by Brian W(IN)

Posted by Brian W(IN) on March 14, 2000 at 15:05:02:

Thanks for the advise Mort. I will start to look for motivated sellers and do away with using realtors and MLS listings to find distressed properties to flip.

Re: IGNORANCE… - Posted by Brian W(IN)

Posted by Brian W(IN) on March 14, 2000 at 14:33:19:

Are you referring to me as being “Ignorant”? If so, then you may have misunderstood my message. What I am referring to is the fact that on some MLS listings, the wording states that a “proof of funds” letter is required to submit an offer. Its not the realtor who is requiring this letter, it is the seller. I believe that the listings which require a proof of funds letter seems to be REOs. The banks are trying to crack down on investors who are wholesaling/flipping their properties. Let me know if I am wrong.

Re: Lose the realtor listings and find motivated sellers - Posted by ScottE

Posted by ScottE on March 15, 2000 at 09:06:00:

Steve,
What are some of the parameters you ‘plug in’ to your MLS search to garner the more/most motivated sellers?

Thanks!

Scott

Re: Lose the realtor listings and find motivated sellers - Posted by MilNC

Posted by MilNC on March 14, 2000 at 19:59:00:

Details! Details!
How best to find someone?

Ann

Re: IGNORANCE… - Posted by CATHY CROWE

Posted by CATHY CROWE on March 14, 2000 at 23:03:50:

YOU ARE 100% RIGHT…THAT IS THE WAY IT IS OUT THERE…

Re: IGNORANCE… - Posted by Ed Copp (OH)

Posted by Ed Copp (OH) on March 14, 2000 at 14:46:12:

Now, which one of your TWO (2) completely different posts did I misunderstand? …ED