Got the buyer's list ! Got the REO'S!! Now what ?

[MamaKaranja]

New in this game but I gotta hurry up before my kids starve to death..Question ? How do I find the right investor friendly buyer's agent to make my offers for me ? I am motivated to ACT NOW but I need to know if it is right to just pick up the phone and accept the presentation from any ol' Realtor.
Help!

[ClevelandSlim]

I'm no guru.  Trying to learen as quickly as possible, like you are.  But I will attempt at answering.  A way to gauge what I am learning.  Someone please don't hesitate to correct me.

I think you should focus on what your buyer's needs are, use that info to weed thru the REO's you have, and determine which REOs you can assign.  Get an assignable contract on the property and get your buyer in the deal.

How's that sound?

All the best,
~Slim~

[Jeremy1113]

Yeah but only thing is that You Cant Assign REO properties that are bank owned so you either have to do double close or other methods.

[MamaKaranja]

Thanks folks......my question though is this.....do I just pick up any o' Realtor for a buyer agent?

[vittorio301]

Ill tell my experience.
I had a tough time finding an agent that understood what it is that I was trying to accomplish. Just because they are an agent doesnt mean that they know the ins and outs of flipping/wholesaling/etc.
 Most wont understand what they hell you are trying to do.
So expect to educate them on flipping/wholesaling or whatever plan you have.
If they cant comprehend or wont work with you move on the next agent till you find one that is willing to work with you.

Lastly, let them know that you will be making multiple offers on properties because that is what you will have to do to get a deal done.

I hope that answered your  question.

To your success!

[vittorio301]

Yeah but only thing is that You Cant Assign REO properties that are bank owned so you either have to do double close or other methods.

You can "assign" an REO but just don't tell the bank that!
To me its an assignment without calling it that. It just so happens that there are ways of going around the non assignment clause.

[MamaKaranja]

Thanks again guys...looks like am going to school more than one agent and get a feel of what their understanding of what  I want.
 

[herbster]

Usually, in my area anyhow there are Realtors that specialise in REO's etc. You'll just have to search them out. Actually the Hud site may provide these come to think about it. Herbster
 

[ljcramerproperties]

Hi MamaKaranja,
I would interview several agents to find the right fit. See if he/she has ever worked with investors and know the techniques of REI. I actually found my buyers agent on another forum. She lives in the next town and invests in rental properties. She doesn't know all the techniques but she's cool and we're learning alot together. It's a great fit.

[MamaKaranja]

Thanks Leesa.....I emailed a couple and no one replied....is this to be expected?....Im speaking to a realtor as I type this in ans she tells me.....this is realllly difficult and not wiling to help with the double closings,coz must Title companies don't wanna get involved.... ......is this going to be the trend?....she even discouraged me to not go for a Realtor's license...why?...oh it's a bunch of money tand just haaaaarrrrrrd!!! .....whats up with these nay-sayers?
Do I have to look for a newbie Realtor to get this going ?

[vittorio301]

iF your going to wholesale there is no need to do a double closing.
You can just add your buyer to the contract and then deed yourself off once the transaction is completed.
I have heard that most title companies will not do double closings.
There are some that will..youll just have to find some.
Don't let these little hiccups discourage you. Keep looking for realtors who will work with you.
I have heard that you can scout a newbie agent who is hungry to work and he may be more motivated to work with you.

GO FORWARD!

[MamaKaranja]

Thanks Vittorio301...I'l just have to keep going with this...the reason am choosing to do the double closing /rather ...it seems ,it is the only way to go forward without money out of pocket....at least not sgnificant anyway.....what you're refering to is "quit claim"...right? Thats just as lucrative....

[vittorio301]

with wholesaling there really isnt that much out of pocket save the EMD unless you can collect the EMD from the investor before you open escrow and then deposit that into the account.

[bashir]

When making offers on REO houses in almost every scenario I have ever run across it's not hard to find a buyers agent in the beginning but when you begin to make a lot of low ball offers you will soon see the agent pull a dissapearing act!

If you want to make 40 lowball offers a week you have submit each offer through the individual listing agent over each property. 1 offer per property and you won't have many problems.

This is the best way to do it in my experience.  You can get a buyers agent but I wouldn't be submitting 40 offers through that one person.  You can submit some, but make most of them through the listing agent.

[bashir]

Don't try to explain to agents that you are wholesaling.  Agents are used to dealing with "clean sale" transactions where someone takes out a loan and closes on the house.  Most agents are leary of people who tie up properties contingent upon finding another buyer.  This means that they may or may not make a commission.

If they have to spend their time working with you knowing that you won't be closing unless you find a buyer, then that's not the best use of their time.

Just go into the deal like a regular sale. If you have it structured right and you don't find a buyer then if you back out at least they know you did it during your inspection period and not just a regular flake out.