Accountability Monday – 1/4/10
Accountability Monday once again. And I didn’t accomplish my goals. This accountability stuff is embarrassing when you don’t get the job done, but I guess that’s the point! I’m going to keep the same goals for next week as I had last week. But, I’m going to make it 40 offers instead, I need to make-up for lost time.
1. Submit a total of 40 offers on properties. (NEW GOAL)
*Tangent*, it felt extremely strange typing the title of this post. That’s the first time I wrote the date since the new year. 1/4/10….for some reason when I look at that, my mind thinks 1910, but anyway.
I’ve had a lot going on and have learned very much from this wholesale deal while in the trenches. I’ve learned enough from this deal to write an ebook, I’m not kidding. And the deal isn’t over with yet. I don’t feel like delving into great detail right now because it’s 2am and I need to get up in 5 hours. So I’ll give the cliff notes in chronological fashion.
1. Seller contacted me
2. I checked out the house
3. Made offer and put house under contract on spot
4. I found buyer
5. I assigned contract
6. I ordered title search
7. Beaucoup liens appeared on title
8. I checked out liens at County Recorders office
9. All seemed well as they were minimal liens, hundred here, thousand there (sum of which are less than contract sales price)
10. The last lien on title didn’t have an amount, I had to call the Department of Health and Family Services to obtain the dollar amount.
11. The DHFS lien is 65K!!!! The house isn’t worth half of that as-is!
So now my wholesale deal turns into a short-sale if I’m going to make this work. I spoke with the rep at the DHFS and he said that I’d need to obtain an appraisal and the appraisal would help the DHFS determine how much they’d be willing to discount their lien for this sale to happen. Considering that I negotiated the contract price to be a bit less than what an appraisal may come in at, this deal lies in the hands of one guy at the DHFS. I already have an idea of what I will need to do to push this through, I won’t go into detail about it now, but I’m fairly confident it will get the job done. I’ll report about it later.
So as of now this deal is officially on life support with the aid of an African-American heart monitor.
