Geoff Nowlin is a Phoenix Realtor. Today, Geoff is actively soliciting Clients and delivering high quality, tech and satisfaction to Clients all over Phoenix, Maricopa County and Pinal County Arizona. This Blog is about all things Real Estate.
Imagine you wake up to real estate deals at 65% of fair market value in your inbox! That is what this video is going to show you. I call it the Offer Autopilot. This technique is joint between you and your Realtor. Your Realtor will have to export data to you, you massage it and return 8 queries for your Realtor to type into the MLS.
Sound easy, it will take you a minute to get the hang of it but once you do, its on. This video is part 1 of 2. Take a peek and enjoy. If you have any questions or would like to implement this strategy, just call me.
If you need to buy or sell a home, see us at www.5kflatfeelisting.com. We look forward to hearing from you.
There are 4 distinct stages of the foreclosure process. At any of them, you can implement strategies to get a house with a deep discount. Let’s discuss each of them and in the video, you will see strategies to use.
PRE-PRE FORCLOSURE:
This situation is BEFORE the Notice of Default is filed. It is not common knowledge and not public. When a home owner misses their very first payment, the bank will send out a “Bank Field Inspector” to take a picture of the property, make a note and drive to the next one. They often don’t get out of the car. Think about this for a moment, only the Owner and the Bank know a problem exists! So how do you learn about these distressed families. Watch the video for detailed explanation.
PRE FORECLOSURE:
This situation is WHEN the N.O.D (notice of default) is filed and now it is public knowledge. The whole world knows about the pending foreclosure. In Arizona, it takes 90 days from NOD to the Auction. Watch the video for detailed explanation.
AT THE AUCTION:
Generally, I don’t recommend new people to bid at the auctions. Its too dangerous when you are new. I tell my new Students to attend just to meet the wholesalers and hard money lenders. Later, when you are more seasoned, it will be safer to bid. Watch the video for detailed explanation.
POST FORECLOSURE:
One of two things happens at the auction, the property is sold to an investor or it goes back to the bank. You can buy from the investor or you can buy from the bank. Watch the video for detailed explanation.
If you need to buy or sell a home, see us at www.5kflatfeelisting.com. We look forward to hearing from you.
This technique is called Subject To. Means assuming a non-assumable loan and keeping the loan in the owner’s name. This technique works when you ask “will you sell for what you owe?” If they say “Yes”, you have a “don’t wanter”. These kinds of people may believe that home ownership is not for them anymore. They may hate the banks. They may have an urgency to get out. Doesn’t really matter what their reasoning is, if they answer “Yes” to the question, hit them with this technique.
Here is how I explain the strategy to them: Mr. Seller, I would like to take over your loan for a short time. My goal is to repair and resell the property quickly. In doing so, I will need a few years to complete the project. If you can allow me to take over your loan, (I have all the documents), then you can move now and I will start making the payments. This will increase your credit and get the burden off your back and we can do all this today. What do you think?
Obviously, you must want the loan and can afford to make the payments. There are more than one exit strategy. Fix and flip is not the only one. I use it here for easy of explanation to the Seller. What are some of the reasons that you would want someone else’s loan?
. No bank qualifying
. Easy, takes very few documents
. Payment is much less than what you could get in rent
. Wouldn’t it be great if you didn’t have to buy the property, someone just gave it to you?
. The ultimate in owner financing
If you would like to learn how to do this technique and see all the paperwork needed, just give me a call. I would love to work with you.
If you need to buy or sell a home, see us at www.5kflatfeelisting.com. We look forward to hearing from you.
In the old days you would write this in the Buyer Line on the real estate contract: Geoff Nowlin and/or assigns. The and/or assigns does work legally and as it relates to contract law. The problem with and/or assigns is that it can put doubt in the Seller’s mind. The Seller may think; who is buying the house really? I don’t understand this? I think I will take the other guy’s contract. So instead of and/or assigns.
Use: “Buyer may choose how to hold title in any corporation, LLC, partnership, family limited partnership, sole proprietorship, trust, personally or any legal entity. Vesting changes shall be done in advance of COE in order not to postpone the COE and are at Buyer’s discretion.”
Notice that I did not use the words “and/or assigns”, that is on purpose. Should the Seller be queasy or nervous. If any Realtor asks; “What about this vesting paragraph?”. You can simply say, we have not decided which corporation we want the property in. We will get with our Lawyer and decide this before closing. Which sounds perfectly logical.
The truth is that you want this language in the contract so it makes your contract assignable at will by YOU! In some States assignability is a check box. Like California, so don’t check the box, just add the vesting paragraph to an addendum. Remember, anything in an addendum supersedes anything in the contract. In Colorado, the very first line of the contract says “NOT ASSIGNAMBLE”. You simply add the vesting paragraph to the addendum and vola, your CO contract becomes assignable. Happy wholesaling, call with questions.
If you need to buy or sell a home, see us at www.5kflatfeelisting.com. We look forward to hearing from you.
I sat an open house this weekend on a home that is on the market for 63 days. Which is a huge amount of time in today’s marketplace. Why isn’t this home selling. After 1 day of open house, I show you why. Take a peek at this video and see if you agree.
If you need to buy or sell a home, see us at www.5kflatfeelisting.com. We look forward to hearing from you.
