Hi, DG family,
I appreciate the forums. They are very educational and most importantly encouraging. I lurk more than I post as I have not much positive success to share, yet. I purchased ‘Profit From Real Estate Now’ about the second week of March. I have taken action first by market analysis of available properties. 2nd I have established an LLC to separate my personal assets from investment assets. 3rd I have researched investor financing. 4th I have called realtors where I have found (as expected) the biggest obstacle thus far. Most are accommodating until I mention option or assignment. I believe this is the necessary transparency however it is clear to me the realtors want owner occupant end buyers for easy close.
The only benefit I have gotten from realtors is explaining REO banks are blocking options and assignments with either not accepting the offer, or accepting offers restricting the buyer from options and assignments.
-The good news…
So I have confidence from a title company that will double close, I have a buyers market of veterans, established as a loan brokers agent from 2003-2007, I have investor capital for source of funds and same day funds to close with a qualified end buyer lined up.
-The bad news…
What I don’t have is the confidence of an accepted offer making it through double close, because the REO bank should not of accepted an offer from an LLC with full intent and disclosure to turn the property through escrow to the end buyer.
I understand many offers must be turned down to get a killer deal and that it is a learning experience to take action. I want to avoid the accepted offer from failing to close as that is detrimental to advertising and client building for growth and positive feedback.
To finish I will ask, am I to make offers as an investment LLC, disclose the option, confirm the REO bank accepted offer prevents the double close or assignment, then back out of the deal if so?
I really am not interested in 30 to 40 days to find out escrow will not close.