Back around September, I got word of some potential "deals" in a particular area of Dallas. When I heard what was going on, I immediately knew of some investors that would be interested. After getting more and more information, my initial investors were like, NO WAY!
There's a builder in a community that has apparently put 13 people into foreclosure situations, in which I won't go into details, as they confuse me as it is. The lender liked talking with me and working with me so she said that if I got the home owners' permission to talk with her in detail, we could do some business together. I have the contact information for 5 of the owners.
Because these homes are being built and money has disappeared, there are thousands of dollars of liens on these properties. One of the owners was VERY serious of getting out from under the home and said he would do whatever it took to get the house sold...
Fast forward to November when I blogged about meeting a builder who needed a new Realtor. I took this builder out to the houses and he immediately wanted all of them except one. We immediately put an offer in on one of the properties. Of course, the offer was contingent upon all liens being removed as the lender wouldn't approve a short sale with those liens. The owner had to jump through many hoops to get the lien releases signed, but he didn't mind. We were set to close the Friday before the New Year when one of the lien holders took off to Mexico and didn't return until yesterday, but alas, it closed.
Within this ordeal, one of the lien holders didn't want to release his lien. He kept upping the amount of money he wanted to release it. Finally, the owner tells him that this is ridiculous and why does he keep changing his number. It turned out that the person with the lien likes to buy foreclosures, fix them, and flip them, and he's sore that the owner didn't allow him the opportunity to buy the house. The owner so graciously gave him my name and number and told him that I was working with the lender on several of the homes and that I could get him into one of the homes...
Remember the builder above who liked all but one of the houses? This new guy is going to buy that house, cash!! I now have a buyer for the remaining 4 houses!! Short sales are never fun to go through, but if I had walked away from this situation at the beginning just because the first investors wanted nothing to do with this mess, I never would have found another investor!! Granted, this lien holder guy does have his real estate license, and we'll be working out referral fees, but it's still business I wouldn't have had if I didn't decide it was worth going the extra mile with the work. Lately, I've been finding lots of new clients in the most unsuspecting ways.
Also, a big THANK YOU to the title company as they did a fabulous job running around town with their notary stamp for the lien releases!!