All Forum Posts by: Tim Ivory

These are interesting and I'd like to understand them a little a better. I was hoping someone could expand on them.

Believe me,  the first thing I would do before signing it, would be to first, make this thread and see if my common sense is aligning with others with more experience, and then go so my real estate attorney, lol.  Only then would I consider signing.

@ Wayne, you are confirming my suspicion and reaffirming much of what I've previously read about reo's. You've also confirmed the 30/90 day resale restriction, I know I've read elsewhere, however, to be crystal clear, would that apply even if it is an all cash purchase and not a loan? Either way, proof of funds requirement would get in the way of any wholesale.

If its not in the contract, it doesn't exist, whether it is verbal agreement or of any kind -- it even says so in the the contract she wants me to sign.

In any case, she says all banks are different and they simply "don't care". My suspicions are raised.

Hi. I find myself in a similar situation. But here is the thing, the reo agent I'm working with says the bank "doesn't care" I would be able to wholesale the property. I am being up front as possible and would even like the addendum of assignment to be added into the bid offer. In such a situation, how would you proceed. Is it still advisable.

Hi guys. I'm new to wholesaling and investing in real estate in general. I called a Short sale agent request short sale properties but she sent me a foreclosure instead. It is owned by a bank. Since we were already talked, I figured I might as well ask if I could wholesale the property. The agent said the bank "doesn't care". Ok, great! That is a little out of the ordinary, I've read, but, I'm willing to consider this issue more closely then. There was also a bit of concern about waiting 90 days until after the sale in order to resale, like in short sales, but I think that doesn't apply here.

The bank is asking for 115k, I noticed the bank bought it, or some transaction took place two months ago for 106k. This is from the tax assessor site. The realtor pulled some comps and gave me an estimate of and ARV of around 170 to 200k. My own comps put it around 195k, but I am using the figure of 185 to base my formula from, to be safe.

70% of 185k is 129500. If the property needs more than 9k-145000 in repairs, I won't be able to offer above there asking price or I'd have to offer lower. I am about to call a contractor to have them look at the place for an estimate of repairs. It is confirmed the has does have mold.

My main concern is that this is out of the ordinary the bank would allow me to wholesale a reo/foreclosed property. The agent explained the process and said I would sign a contract and make my bid (the contract is 10 pages long!). If the bank approves, both of us would sign there "state" contract, or the official one. My problem is, before I sign anything, those two addendum need to be added to the contract: right of assignment, and right to resale immediately afterwards -- even if it is just a bid offer. Am I correct in thinking along these lines? I am gong to insist that I be allowed to amend the contract to make an offer. If they can fill out 10 pages of contract, I should be able to add two sentences in there, right?

I can send a copy of there contract if needed. Any thoughts would really be appreciated. She also mentioned I would need to make an offer today, so time is of the essence.

Also, I just tried using listsource, but the results were only 29 listings so the final cost of the list is nearly 5 dollars. At checkout, it says minimum of 50$ needed for credit card... Um,, well thats a problem... lol I was planning on paying through paypal though, anyone experience something like this?

Hi guys. What search criteria do you use to pull up cash buyers list using agent 247. I want to search for residential properties, but the only residential option I see if residential vacant land?

Here is a photo of my settings. If someone can give me a few pointers, I would appreciate it. Thanks.

Great. Thanks guys.

I understand the Land and total market appraisal values. But what do they mean improvment value, what is the percentage referring to, and most importantly, what is the assessment? Is this the amount of work that needs done on the property? I got this information from my local tax assessor here in morristown, tn.

Hi everyone. I was wondering where you guys locate short sale deals. Do they all come from a real estate agent specializing in short sales, or are there other, creative, options?

If doing a double close, does the title company use the ultimate buyers funds to purchase the property or is it necessary to use transactional funding? This was touched upon a little in this thread, but I was wondering if anyone would care to expand on this whole process. If I'm on the phone with a title company, how do I explain what I would like them to do -- to use the ultimate buyers funds to close on the contract I have with the seller.

Also, in this case, would I need the ultimate buyer, the person I'm wholesaling the property to, sign an assignment contract or is another contract needed -- A sellers contract?