All Forum Posts by: Dan Walters

That is a great idea. I appreciate all the input. This has given me a good base to start and also other strategies to test and see what is most effective for my area.

Dan,

The Notice of Option definitely doesn't have anything to do with seasoning. Most Investors use it to cloud title so the homeowner can't go behind their back and work with another Investor. But if you have already built rapport with the homeowner this won't be an issue. It's also used for when the end buyer lender pulls title, they see what your intentions are for the property, which provides additional disclosure.

Thanks. I figured as much, but I've been reading some information on a few different sites that were suggesting that it would help get around the seasoning issue. I've followed up with some local title companies since my post and have had this cleared up.

I have a option contract that I have been using for my offers on SS and I have been reading that some people are recording a Notice of option to help them get by the seasoning issues from lenders and FHA. My question is this legit and does anyone have or know where I can get a form?

Thanks in advance!

Dan Walters

I'm searching for a template or a letter that any of you may be using to market to brokers/agents that will bring you there SS listings? I know that some of these "gurus" advertising their courses will supply you with one, but I don't feel like forking out $5K.

Any help would be greatly appreciated.

Thanks in advance!

In your P&S, what are you using for earnest money? I'm curious because we want to put out numerous offers. We know that not many will get accepted and that the earnest money won't hit title until the lender approves the purchase price, but there is always the "what if" factor. Is there another method/strategy that you or others are using for earnest money?

Thanks in advance.

I would certainly be interested in a JV. At this point we'd like the rubber to hit the road and start implementing these strategies. Let me know how you would like to get started.

Thanks again,

Anyone doing SS flips in ID or AZ?
My partner and I have been looking into doing the SS flip in ID and AZ. Initially, as everyone seems to be doing, we were going to move on a few properties with the option contract. After speaking with our investor savvy agent, she has informed us that the ID RE commission was cracking down severely on agents and brokerages for using the Land Trust and Option contract and then marketing the property. Since hearing this we have spoken w/a RE attorney in ID and multiple title companies and RE agents/brokers in ID/AZ(Phoenix) markets to see what other investors were doing to adjust if at all. The agents and title companies that are familiar with the double closing SS flip have said that lenders will not look at nor accept land trusts and/or option contracts. They are essentially saying that there needs to be a standard P&S w/full disclosure of intent on our purchase. I'm confused due to the posts that I read on BG about what other people are doing and what I'm hearing from agents and title in 2 separate markets.

My questions are:
1) Is anyone seeing this in the other 48 states?
2)What instruments are you using? (P&S, option, Land Trust)
3) What disclosures are you putting in the P&S?
4) Is it better to have a standard P&S and then add an addendum later w/all disclosures of "intent to remarket property and sell at a profit"?

I appreciate any information I can get. It seems that we can't get a well defined answer from anybody.

Thanks in advance,

Dan Walters
3915, LLC
[EMAIL REMOVED]

Will,

We are in the process of negotiating on a few BofA loans. We have yet to receive their conditions, but we are anticipating the 30 day seasoning. My question is are the lender's 30 day seasoning requirements similar to FHA's 90 day, as in you cannot open escrow to a property until the seasoning has passed? Or can you open escrow and close on the 31-32 day?

Thanks in advance for any information,

Dan Walters