All Forum Posts by: Sarah Dinsmore

Thanks, that's exactly what we did, Jon. The title company was misleading us, likely because they don't do enough short sales to know what they're talking about. The active investors at our local REIA meeting knew the law and said as long as the sellers are out of the house by closing, we are fine. Also, we are not "foreclosure consultants" as the bill states; we are buyers.

Thanks.

Today we met with our title company and they gave us information (Oregon House bill 3630) which requires all sellers consult with an attorney prior to signing any documentation as they are entitled to 50% of the proceeds if the property sells for profit within two(2) years of that sale.

The title company is requiring a signed letter from the seller's attorney stating that they have met with an attorney and that they understand this house bill and all matters regarding the sale.

We looked up the Oregon HB 3630 but did not see a reference to the 50% split but there was a lot of information directing the seller away from working with a short sale investor.

Anyone know about this or have experience with this?

Thanks.

This last week has been a whirl of activity getting our team lined up. In one fast week, my biz partner and I (both newbies): found the title company that works well with investors who do short sales and double closings, interviewed three RE agents and more tomorrow, got the initial contract sent to title company for review, know how to get our NODs at the courthouse, and most importantly went out and "knocked on doors" for the first time.

I can't say we understand the details behind everything that we're putting into place but thanks to Nick J., we're making better decisions without too much fumbling about.

We go back out on Wednesday to talk to more sellers in preforeclosure.

And, soon, I expect we'll have a contract, a listing agent with buyers, and a deal in the making.

The point I'm most proudest of is that we're staying in action, not losing momentum, staying focused and having fun!

~Sarah

Robin,

The mortgage broker conversation was a first call, a referral from someone else. I didn't intend the question; it came up and I'm glad it did. I've getting clearer about other investing strategies/opportunities because of that offputting conversation.

Thanks.

Are assignments of contracts allowed for short sales?

I should have said I was talking about "preforeclosures" and assignment of contracts. The mortgager broker called them "texas straw" and said they were illegal.

Sorry I didn't specify our discussion.

I am new to real estate investing, took a Rich Dad foreclosure class and am doing my research in my market to get started.

In speaking to a mortgage broker this morning, he shared that "assignment of contract or flipping" is not legal to do and that title companies won't touch them.

In reading BP and other real estate investing sites, it's clear that wholesaling is going on big time.

Feedback, please.

Hi, I'm new to BP and I have a strategy question. I know several people who have steady income but might not qualify for conventional loans because of their debt to income ratio (due to high student loan debt and/or cc debt). These people would be ideal for lease options.

So, what if I marketed to these people and got them qualified through a mortgage broker, found the foreclosure property in an area they'd like to live and offered this deal to an investor. Portland, Oregon has a lot of preforeclosures so there's good deals out there.

Beyond the assignment of contract fee, I'd have found a tenant for the investor and could include an additional fee for that part. I'm not in a position to buy and hold as yet so wholesaling is my initial strategy.

Comments, anyone? What problems or obstacles do you see?

Thanks.

Sarah