OfflineHi DG Family,
Okay, so I finally took the first leap of faith after hearing Dean's Video Blog. My friend is a realtor and I told her I wanted to do what Dean had suggested... take 100 REO properties over 90 days, review and pick the top 25 properties and then make 25-50% below asking price offers. My friend loved the idea and thought that there was good money in it for both of us. Now she is having reservations about how we are going to do the offers. She is concerned about me getting stuck with the deal if I can't find a buyer. She also is concerned about the good faith deposit. I know a lot of you are doing wholesale deals through REO's.
1. Can you please tell me what you are saying to your realtor to put them at ease?
2. How much of your own money are you using as a good faith deposit?
3. How long are you leaving escrow open? 30, 45 or 60 days?
4. What exit clauses are you using in case you can't find a buyer?
5. Should I include a Liquid Damages Clause in the contract?
Thank you all for your help. My goal this year is to do at least 1 wholesale deal a month. Thank to the DG family, I feel like I can do any thing with the right attitude! Kim
I'm new to the program and was wondering if anyone is from CT too. I would love to chat and share ideas.
Thanks Lori
LORICT
1. Can you please tell me what you are saying to your realtor to put them at ease?
2. How much of your own money are you using as a good faith deposit?
3. How long are you leaving escrow open? 30, 45 or 60 days?
4. What exit clauses are you using in case you can't find a buyer?
5. Should I include a Liquid Damages Clause in the contract?
Thank you all for your help. My goal this year is to do at least 1 wholesale deal a month. Thank to the DG family, I feel like I can do any thing with the right attitude! Kim
45 days is pretty standard. The bank might push for 30.
Buyer's clause is going to be a problem. Inspection is probably your best bet. Try to have a list of buyers lined up in advance.
Earnest money as liquidated damages is fairly standard.