All Forum Posts by: Matthew J. T.

Good thinking Stinson, Appreciate your input on this.

Stinson, than what do you suggest to be an exit strategy if all else fails? Or would you rather get buried with the remaining debt all because you feel sorry for them? There is a reason why you have a 30 day inspection period, it's on contract, the seller see's it themselves, and agree's to it, so I don't see any guilt in canceling a contract if all fails to find a buyer.

All the people I have read say the same thing, YOU NEED AN EXIT STRATEGY. Play the game smart, a couple of deals cancelling contracts isn't going to ruin your rep for life, I think that is silly to think. I think you need to play smart if you are going to be in this business, you want the least amount of risk as possible. IF you have any other options to use as an exit strategy I would love to here them.

-Matt

I have a few questions, and I would appreciate if they could be answered, regarding closing, to make sure everything goes by smoothly.

First of all, how do you go about the closing day? As far as scheduling the closing date goes, the escrow is supposed to give me instructions on when the seller and buyer need to show up at closing right?

Does the escrow schedule a closing with the two at different times or are the two signing papers right next to each other? If so how is it avoidable for the buyer and seller not meet each other?Is it better to not have the buyer and seller meet? I read if you double close close, it's better to have them in seperate rooms. How do you do your closings to make them run as smoothly as possible?

Lastly , if I'm just assigning a contract, do I just give the escrow my bank account number so they can transfer the funds electronically instead of actually having to pick up a check in person?

Thanks Aaron, so basically my contract Assignment I can personally edit it so that I require a deposit and how soon the deal needs to be closed? Because I wouldn't want him to just "sign it" and from there nothing happens, or he takes forever to close..

Also, if I require a deposit, how soon is he supposed to pay it? Does he pay it to me at the time of him signing the contract or?..

Ok I understand what Jackie said, but I am lost because if I just assign a contract to the end buyer, don't I have to collect some kind of earnest money/deposit to know he is serious? I mean, signing a simple assignment contract, doesnt state how soon he needs to close, or how serious he is, so how do I make sure that I collect some kind of deposit/earnest money, and make him pay within a reasonable time, if the assignment contract only requires a signature?

Thank you guys, all of you who have helped!

In order to have a deal, seller must owe 70% or less than what the property is worth correct? If they owe more than 70% than it is not a deal right? I never see in videos or articles them mention what the owner owes on it, all they ever mention is getting it at 70% of what it's worth, minus repairs, minus your fee and your get your max offer, but they dont ever mention the importance of knowing how much they owe..

If they owe 75k on a house, and you negotiate to 50k after all the repairs, and your fee, and you relist it for 70k to the buyer, who ends up paying the difference of the 5k? Why is it important to know how much they owe? ( i already have an idea, i just want others opinions on thoughts of the importance of knowing how much the seller owes.)

Question: What determines exactly if it fits shortsale criteria or wholesale criteria? How do you know right off the back if it's going to be a wholesale deal, or a shortsale deal?

I know if they owe, anywhere more than what it's worth it is automatically shortsale is the best you can do, or if they owe just about what it's worth it's a shortsale deal. But other than that how do you determine if the house is a short sale or a wholesale? How much equity must be in the house to know that it is a good grab as a wholesale, as compared to if it's just gonna be a short sale?

You summed it up PERFECT Jackie, much more understandable, I appreciate you guys, really answered my question!

Thanks on the good response Michelle. I'm still a little confused I have been told that you need to have purchase contract for your new buyer as well though? That is where you list it at a higher price and have them put a deposit on it to make sure they are really securing the deal . With just an assigment how do you collect a deposit from them? Because on the Assigment all it's going to show is your fee "10,000". Hope you or someone can clear this up for me lol thanks

fast forward to 10:30 of the video: http://junkers101.com/thanks.html
he says you have to make a purchase contract to the the investor as well but this time you will become the "seller" and he is the buyer, he says that includes closing dates, the new cost the house and a deposit..