All Forum Posts by: Account Closed

You need to send it to title not the buyer. But before you do that.. Let me ask.. How confident are you about the deal? How good of a deal is it for an investor.. <70% of ARV? You've reached out to investors.. any feedback yet? How much time do you have to find a buyer?

If the seller is paying attention at closing, they will see the assignment fee on the HUD. I usually double close a spread of *over* $5K, assign the rest.

In my contracts, it always states the close of escrow to be "on or before" the date shown. This allows me to close sooner than the date listed if all parties are in agreement. If your contract does not allow that provision, you could simply have an addendum stating that close of escrow has been changed to on or before xyz providing all parties are in agreement. Then both you and the seller sign it and give to title. I assume here that the seller would be willing to close sooner.  If not, then obviously you cant.

You could get the seller to sign an addendum to the original contract. The addendum, referencing the original contract for $34K would state the new close date. A single line on the addendum like, "The close of escrow has been extended to...   ". You both sign the addendum. Easy peazy.. Then assign the contract with addendum like normal. Your assignment fee is in the assignment contract, like normal. Give everything to title.. (original contract, addendum, assignment contract) as well as to the buyer. Make sure you get earnest as usual from the buyer.  You have the relationship with the seller. You have to be in control of the deal. Don't let the buyer sway you with some slight of hand or take you out of control of the deal. That's how I would do it.. and have done it.

 OMG... I can't stop laughing at that one!!  I can't seem get that pic out of my mind now!! Oh geez.. Unbelievable! That's priceless.

Does her brother have a lease? Is it really an eviction if no lease? Sounds like maybe he's a squatter. Sounds like a Sheriff's visit may be all that's needed if he's not willing to vacate. You should talk to your attorney on this and get their opinion based on the situation and state and local laws. As for offering a price without seeing it.. I do it all the time. Based on the age of the property and general condition as I understand it from my conversations with the seller, I can guesstimate repairs needed. I always have an inspection clause in my contract should things turn out different than I expected. You could have the inspection period last to the day prior to close, if you want and the seller agrees.  Just food for thought..

Precisely!  I don't believe there is any law against sending someone a letter or postcard asking to see if they're interested in selling their house. Sounds like mere posturing.. a scare tactic. I usually use voice mail for all my incoming response to mailings. I have been called all kinds of things by people as well as threatened on that VM. All from a simple post card asking if they might be interested in selling their house.  I just take them off my list and don't mail them again.. nor do I call them back.

Actually, with the assignment, you're not selling any property.. your assigning (or selling) the contract you have on the property for a fee. If you were to do a double close, then yes you would be selling the property (on the second close). But in your case you're essentially selling your equitable rights (the executed contract) to the property. They step in and close the property in your stead and you get an assignment fee. Ask them to speak to the title company if they question the process/legality.. And for sure, make sure they use your title co. You stay in control.

Wow @J Scott , that was an awesome reply!   As a wholesaler, I've never been taught that concept through the typical wholesale course - yet fix and flip and buy n hold investors are my customers!  I should know what makes a good area for them.. I did have an early investor mentor who was a fix n flipper who told me that's what he uses to find good areas to fix n flip in. He looks at where cash transactions are going on (those are normally investors), and the ratio of cash transaction sold $ versus retail sold $. The more spread between the two numbers, the better the area. Again, great post.. Food for thought for sure.

Congratulations!!  You will always remember the first one.. Make a copy of the proceeds check from title if you can. When things get tough, as they always will, look at that check and remember what it felt like. It will motivate you to be persistent and to keep going. Now you KNOW you can do it.. You know it works. Contrats again and best of success towards #2, #3, #100 etc.!!