All Forum Posts by: David Smith

Any recommendation or experience from anybody who used cold calling to get more bookings for their vacation rentals? 

How did you outsource it? Virtual Assistant of a cold calling company?

Here is the situation. I would welcome any advise on how to move next.

1. A buyer is under contract with a seller for a property that has a finance contingency on 11/20.

2. The buyer has a real estate agent and a lawyer to assist him with the purchase

3. The buyer paid $55K in earnest deposit in an escrow account held by the real estate agent

4. A finance contingency was postponed to 12/5. The agent did NOT inform the lawyer representing the buyer though.

5. The finance contingency was due on Dec 5th and is now passed.

6. Neither the agent, NOT the lawyer representing the buyer warned the buyer of what written notice to complete before the finance contingency was up.

7. The seller is not asking for the security deposit even if the seller agrees to postpone the closing date. The only risk left is a special insurance related to the property (not the buyer). Basically, the seller is asking for the buyer to waive all possible option for the buyer to get his deposit back no matter what happens.

What are the options at this point for the buyer?

How can he avoid having the seller receive the deposit?

What pressure can the buyer put on the seller?

@john 

@John Mocker thanks a lot!!!

Thanks @John Mocker

It's an investment property. Are there any broker you suggest for the Excess Market?

Here is the situation. I would love to hear your options to solve this issue:

1. I need to find hurricane insurance in 2022 to close a transaction, that will use an SBA lender

2. All the insurance companies I contacted said they closed their book for 2022 and don't write policies this year anymore....and don't tell me when in 2023 they will open their book agin

3. The property is in the US Virgin Islands.

Do you have/know any solution? How would you deal with this situation?

$200K on a credit card for Amazon furniture purchases? Really? Which credit card company would have such high limit?

What's a joint check?

What solutions do you suggest?

1. A lender included $200K of FF&E (furniture, equipments) in a real estate loan

2. Lender wants buyer to show paid invoices BEFORE closing, and to then disburse the funds to the buyer

3. The buyer doesn’t want to use his personal money to buy the FF&E before closing

What are the options for the buy FF&E and get those paid invoices prior to closing?

@Chris Seveney Not yet. I will, thanks!

I am trying really hard to find property (commercial) insurance in the US Virgin Islands, including Wind. The local insurance companies don't seen inclined to insure vacation rentals multifamily family properties. Are there any other insurance companies in the US mainland you would recommend that would provide property insurance (including wind) in the US Virgin Islands? Or an insurance broker you suggest?

A buyer a get a commercial property. However, the lender is asking the buyer to buy a life insurance and add the lender as its interests. Is it legal? Is it typically? The commercial property is already use as a collateral and additional properties of the buyer's portfolio as collaterals. It should be sufficient. Can a lender have such life insurance requirements?