All Forum Posts by: Priscilla Z.

@ Bryan L. - To be quite honest Bryan, I don't understand it either. I've advised sellers to list the property, I tell them that they will get more for it than I can give them, but their reply is, no, I just want your cash offer...even though I am offering them below what they could get for it if they put it on the market.

The things these sellers have said to me about not wanting to list with Realtors are:

- They just list the house and don't try to sell it, they let it sit there for months

- I don't want to have Realtors in my house all the time showing my house

- Realtors will want my house to be "presentable" for when they show it and I don't have time or energy for that

They would rather take my cash offer than do the above. Again, a lot of times it's not about money for the sellers....

@Christina L. - You are very welcome! Yes, I am a licensed agent so I can put the offers in myself.  I also have a SUPERSTAR Realtor that I work with, she is a very important part of my team, and she was willing to put in the offers, no matter how low they were, but it was tedious for me to be emailing her the offers and sometimes I would want them to be put in late at night at that was not reasonable.  So, I started doing it myself.  In talking with other investors I have found out that it is difficult for them with their Realtors because the Realtors don't want to be putting in low ball offers.  Honestly it's not worth it for most Realtors.  Build a relationship with one, show them you are the real deal by closing some houses with them, and then they will realize that it is worth their time even for a smaller commission.

I secure all my HUD properties (and most MLS properties for that matter) without even going to see them. It's a waste of time if you do. I can usually tell by the pictures and the inspection report how much repairs it needs and therefore base my offer on that. I only go see the house when I get an offer accepted. Then if I realize it's a complete dump, I don't send in the contract. If I decide I want it, then I move forward with the contract.

It's rinse and repeat. Honestly, with HUD, time is of the essence, at least in my market. If you see a house you want tonight, you better put a bid tonight because it will be gone the next day.......

I think sometimes it is interpreted the wrong way.  Just because you make a killing on a deal doesn't mean that you took advantage of the seller.

We go into each seller appointment with the mindset of "how can we help this person?". Helping them may be getting the contract to wholesale it and close quickly so that they can move quickly, it may be offering to recommend our Realtor to list it so they can make more money on it if they can wait, or it may be to suggest ways they can try to sell it themselves (i.e craigslist, street signs, etc).

Many times it's not about money for these sellers, it's about time, debt relief, or stress relief.  Money is paper and numbers on a computer screen.  Their emotional and mental peace of mind means much more to them.

Some examples of our seller's stresses:

- The older couple that wants to move to live with their kids because they can't care for themselves anymore

- The single mother who does not want to be an owner anymore because she cannot handle maintaining the house

- The man who just found out he has cancer and needs quick cash to move and get treatment

- The retired couple who tried out investing in real estate but want to get their money out to open a store

Each and every one of these sellers walked out of our closings with a smile on their faces and a hug goodbye.

We have all educated ourselves and deserve to get paid for our knowledge of how to structure these deals.  The sellers have every opportunity to educate themselves and do it themselves, they just choose not to.  They also have more than enough REALTORS out there to help them, they just don't want to deal with Realtors.

That's where we as investors come in.  I don't know about other investors, but we go into seller meetings and tell them that this is our business and we need room for a profit.  They understand that when they sign the contract with us. 

Again, for us, it's about having a clear conscience and being able to sleep at night, and even staying in contact with these sellers down the road.

Hi Christina - I love HUD homes. I have wholesaled a total of five so far. I stick with the closing company that HUD had for years here in FL and have established a relationship with them that they know exactly what we do.

Do not overbid....

Keep both transactions in the same closing company. My very first one I had my AB closing at one title company and my BC at another. Total nightmare.

Any specific questions?

Hi Michael,

Private money = friends and family

Hard money = only if you don't have friends or family..... J/K

But all jokes aside, if you can stay away from hard money do so.....

hahaha! This thread is from almost six years ago...sorry to reply here. Thought I saw June 2014 somewhere!

How about filing a memorandum of purchase, with your purchase contract at your county clerk of courts. This will cloud the title and keep you in control.

Then have the buyer and seller go into contract directly at your sale price (to your end buyer), in the addendum write that the seller will pay you $xx to release your interest in the property.  Obviously your seller will know what you are making at this point. Then the seller will pay you at closing.

I didn't come up with this....I've been researching how to do this and read an article that says to do it this way. Makes sense to me. Has anyone done this successfully?

@Chad Clanton - only complaint I received was from a Realtor who was helping a buyer that I was wholesaling to.  He wanted the 11 page contract.  I was using the 5 page...

@Aaron Mazzrillo - lucky you! We tried to use a 1 page contract once and that went sour... 

I use the old state purchase contract, 5 pages. The new one is 11 pages but I like the 5 page one. Followed by a two page addendum. 

Assignment is one page.

This is for wholesaling of course.

When I sell on the MLS I let the Realtors use what they are used to, the new 11 page one.

Hi everyone. I searched and searched but could not find an answer on the forums.

Is it possible to assign a contract for a house with a VA assumable loan, to another Veteran who is going to fill out the paperwork and try to qualify to assume that mortgage?

Any issues with doing this?

How long does it take to find out if the end buyer will qualify to assume the mortgage?

Any input would be greatly appreciated!