All Forum Posts by: Dan Losh
Dan Losh has started 9 posts and replied 47 times.
Post: Escrow/Title Company VS just using a lawyer?
- Charlotte, NC
- Posts 47
- Votes 2
Originally posted by @Darrell Lee:
In California, we used escrow companies and rarely used lawyers. I've been acquiring REO properties in New England and they use lawyers. I've enjoyed using the lawyers as their legal advise has helped me on a couple transactions. One deal, the seller, Bank of America kept hassling me and appeared to want to back out of the deal.... exasperated, I had my lawyer intervene with the sellers broker and got the deal back on track.
I think the bank wanted to accept a higher offer as there were 10 offers on it and mine was not the highest offer, but it might have been the only cash offer. I was offered $15k by one of the losing buyers to let them take over the deal as I have an assignee clause in my offer. But that house I need to move into so can't wholesale it. Besides, It's worth $60k more before I even close the deal...
The lawyers cost more than escrow companies, but when the S@#T hits the fan, if you have a good lawyer... they can save your deal or whatever you want with the deal.
Good information Darrell thank you.
Post: Escrow/Title Company VS just using a lawyer?
- Charlotte, NC
- Posts 47
- Votes 2
Originally posted by @Curt Davis:
Well if you are wholesaling you should be doing contract assignments so there wont be any closing cost for you. Your buyer should want to close with an actual closing attorney and get title insurance as they wont want to inherit any issues.
I have only had one buyer in over 500+ sales who wanted to buy from me and just do a quit claim with no closing attorney involved.
what exactly do you mean when you say the buyer should want to close with an attorney? wouldn't it be my responsibility to open escrow with an attorney? all closing fees come from the buyers cash at the end of the deal? say i have a deal under contract with a seller, whats my next step? taking it to the attorney till i have a buyer signed contract also?
Post: Investor Friendly Escrow Companies/Closing Attorneys in Charlotte NC?
- Charlotte, NC
- Posts 47
- Votes 2
Looking for any good suggestions concerning finding an escrow/attorney to close deals through in the charlotte nc area. Also any cash buyer references would be great.
Post: Escrow/Title Company VS just using a lawyer?
- Charlotte, NC
- Posts 47
- Votes 2
What would the difference be between using an escrow company when wholesaling compared to processing it with an attorney? Cost-wise too.
Originally posted by @Andrew Abbott:
I would make sure you're very upfront with the seller from the beginning. If you don't have a buyer lined up already but have already networked with a few, you can tell the seller something like this: "I work with several investors throughout the city. My job is to find properties that fit their criteria, and I think yours will be a good fit. Once you and I reach an agreement and open up escrow, I'll schedule a time with you to get them in here in the next couple days to verify the condition and my numbers."
If none of your buyers are interested, find out why. If it's the price, you can find out where they need to be for the deal to make sense. Then you can try renegotiating with the seller for this lower price, hopefully while still within your inspection period.
You say to schedule a time for the investor to meet the seller and confirm which numbers? the amount you are reselling it for? or what. Say the investor tells the original buyer the price you offered it at, wouldn't the original buyer want the money you are charging extra, or they have no right to it since you already have it under contract?
Post: FORECLOSED PROPERTIES
- Charlotte, NC
- Posts 47
- Votes 2
@Karl Krentzel hey man thanks! Surely appreciate the 5 steps just for me! :D I'll look into it and build off of that
Post: what was your cheapest property?
- Charlotte, NC
- Posts 47
- Votes 2