All Forum Posts by: Joseph Hernandez

@Chris Seveney. I mentioned the trustee, not the lender. Does the lender over rule the trustee? I assume they do since the lender hired them. 

The foreclosure date is in 10 days,no time for chapter 13. Plus, they have to qualify, right? 

Perhaps a sub to is my best option. 

Thanks Chris for your help.  

@Tom Gimer. Regarding investor paying 2 assignment fees, is the investor EMD's refundable if the seller can't close?

Hi. I'm a wholesaler. I'm trying to get the trustee to delay a foreclosure. My client is in Notice of Sale stage. I have a signed Purchase Agreement. Would I need to show the trustee both the Purchase Agreement and the Assignment of Contract or will the Purchase Agreement alone suffice? Thanks.

 

Hello Everyone, I'd like to know if I can wholesale in a judicial state. If so, is the process more complex? What are the disadvantages?

@Will Barnard. I'm a wholesaler. Do you think violating brokerage laws is enforced? I do virtual wholesaling. It would be impossible for me to JV with investor buyers in every city or county in the US. What can I feasibly do to ensure that I'm following laws? Thank you.

Hello. If an investor purchases a pre-foreclosure property via sub-to and there is $50,000 of equity left over after the investor pays arrears, closing costs and other expenses, does the investor pay the seller $50,000? Thanks.

@JayHinrichs. I don't know what slander of title means, so I Googled it. It says, "
In law, slander of title is normally a claim involving real estate in which one entity publishes a false statement that disparages or clouds another." So, inserting a memorandum clause can get me sued? 

So, what false statement am I making if I simply want to protect myself from either the seller accepting my offer and later accepts another offer or from an investor going behind my back? You mentioned that is rarely happens, but it happened to me and I only flipped a few houses.

This doesn't seem right. All I'm trying to do is protect myself. I'm not stating any false information, but I can get sued? 



This doesn't seem righ

Hello. I'm a newbie wholesaler. Let's assume I have a fully executed Purchase and Sale Agreement with a seller for $350,000. Let's further assume I need to assign the contract to an investor for $400,000. If an investor is only willing to pay $380,000, can I go back to the seller and renegotiate for $330,000? If so, if all other terms remain the same, should I create an amendment to the Purchase and Sale Agreement or create a new contract (Novation?). Please don't be rude and tell me I should've done a better job of underwriting the deal. My question is hypothetical. I'm about to negotiate purchase price with the seller on my first wholesale deal and I don't want to short change myself. Thank you!  

@Jay Hinrichs. Suing will be a huge hassle. I flipped a house with an attorney because he took the profits and ran. There's a lot of work involved. Plus, I virtual wholesale. I won't travel back and forth numerous times in different states. It's hard to believe that simply pay me my wholesaling fee if the seller or end buyer tries to screw me. Title has both the Purchase and Sale Agreement and the Assignment of Contract.

@Jay Hinrichs. What do you recommend I do to protect myself from end buyer investors from stealing my wholesale deal after I have a valid Purchase and Sale agreement with the seller? Thanks Jay for your help.