All Forum Posts by: Bill Patterson

Michael,
Great information!! I know much more about real estate and construction than marketing and social media, but will use your suggestions in my BP blogs and postings. I know it works, since I have been contacted by a writer for The Detroit Free Press for permission to use a post that she found on BP. It was something about assessed vs. appraised value that I wrote. The BP post must have been near the top of her search!
Thanks a lot!
Bill

I agree with Charles....everyone runs into periods where time to respond is hard to come by. Although I have been a bit AWOL lately, I still try to check things out when I can and hope to get through this real busy time soon. :D
Bill

It can be especially hard to work with agents and brokers in an area where one of the "bad apple" investors has caused problems. We are slowly making headway in one of those markets now and are starting to hear from agents that they are hearing good things about us! A local Title Company is also putting in a good word for us.

Basically, it's doing things right and slowly changing the wrong perceptions. I like Maryann's agent education ideas, too!
Bill

Merry Christmas!! Have a safe Holiday Season and a successful 2011!!
Bill and Jackie

Marc hit it on the head! Since many buyers on land contracts or lease options have credit ratings that don't allow for conventional financing the down pmt and a two or three year balloon are what swing the deal. This allows for them to rebuild their credit and get conventional financing. The hitch is that you need to have the underlying lender waive "due on sale" for a LC. A lease option, I believe can be considered a sale, too if it is for a term of three years or longer.

We just did one for a home we were selling. The buyer lost his wife, home, etc and filed BK. He had $8,000 to put down. His BK won't be released for 2-3 months so we went lease option w/$8,000 down and pmts based on the land contract terms that we will switch to in a few months plus tax and insurance prorations. Our local lender is on board for a 3 yr land contract. Every one wins!
Bill

Reiss,
Welcome to Bigger Pockets! Can you give a little more info about your question? Are you thinking of using this as an exit strategy for any of your properties? I see by your profile that you have done a few deals. Great!
Bill

I'd tell him that the extra dogs are just until your friend can care for them again. In the meantime, you will keep them under control and not allow damage to your home, since you want to keep your home in good condition even more than he wants to keep his security intact! It sounds like he may do this often and often gets the homes back to re-sell again. You say that you have worked for him for quite some time now. You may be able to point to your performance as an indication that you are responsible and will not let the dogs damage the home.

Without knowing the contract that you signed, I can’t speculate on your chances of getting your $1,000 back, so you may have to decide which you want the most….the home or the dogs.

Good Luck!

Bill

Hi Kelisha,
Welcome to Bigger Pockets! I hope we can help with your problem!
Did you ask your lender why that is included? Was your offer contingent on financing? Are you doing a no or low down payment? Is there any relationship between the seller and the lender?
This is a new one to me, but finding out the lender's motivation is key to resolving the issue and letting you keep the dogs in YOUR new home!
Bill

Were you planning on back to back closings or assigning your interest in the offer to purchase? If the latter, that may be your problem. Or it may be the fact that your offer is contingent on finding another buyer at a higher price. Without knowing your documents it is hard to know, but whatever you do, keep full disclosure.

Bill

Jason,
Smart move! I've always had good luck bringing the inspector on board first. In general, they like being consulted and giving advice. I've never seen requirements over what I had expected. If inspectors feel you are working together with them they will work with you. On the other hand.....get caught trying to put one over on them and you may pay dearly!
Bill