All Forum Posts by: Dave Worlund

Most are cash buyers or investors with access to bank financing.  Non were to home owners that required a mortgage.

Erica,

Almost all of my wholesale deals are double closings.  I always use the funds from the sell side (B-C) to fund the purchase (A-B).  This is possible because my attorney is willing to do this.  Some attorneys have an aversion to doing this so you will need to interview several attorneys one who is willing.

We schedule both closings at the same time in different rooms.  It is important to keep everyone separated, it reduces the chances of the parties trying to hold you hostage and renegotiate at the table.

The buyer ( person "C") brings certified funds.  The attorney deposits the funds and disburses funds to the appropriate parties.  Everyone leaves happy.

You can use private funding but there will be a fee involved.

David is correct.  I have done over 50 double closes exclusively in Alabama but they were not with retail buyers (buyers that go traditional mortgages).  I have sold to investors that used bank financing but it is almost impossible to sell to a buyer that is trying to use conventional mortgage financing.  Most conventional lenders want to lend on a seasoned properties.

Phillip what part of Alabama is your property located.

Look in the county records for the tax lien sale when the investor first purchased the lien.  On that document it will show the property owners name.  Then  you can look up the owner.  Many times the owner is deceased, if so you will need to find someone related. 

You can use a website like "BeenVerified.com" to try to locate people.  Send them a yellow letter stating that you are interested in purchasing the property.

In Alabama you are purchasing  a tax lien.  You must hold the lien for three years and pay subsequent years' taxes as well.  Then you can sue for "quiet" title. 

 In my opinion, I would contact the property owner and negotiate a wholesale deal.  They may be motivated since the taxes are delinquent.

I use Been Verified and it is pretty good.  A subscription costs about $60/yr.