All Forum Posts by: Tom Gimer

@Mason Bell I would be more specific to avoid the possibility that the agreement could be avoided or declared unenforceable due to vagueness. For example “on or before that date which is 30 days after obtaining approval from probate court” or whatever the relevant trigger is. 

In a real estate contract the buyer's promise to pay $ at settlement and the seller's promise to deliver the deed is all that is required. There is no requirement for earnest money. Mutual promises suffice for consideration.

Does a seller typically require earnest money to take the property off the market? Yes. That doesn't make it a legal requirement.

Quote from @Adam DeShone:

Quote from @Tom Gimer:

Quote from @Adam DeShone:

Quote from @Tom Gimer:

Yeah we just didn’t tell the bank about the silent 2nd. 

Why people post these “success stories” I don’t get it. What is possibly to gain?

They were fully aware of the note. I’m honestly shocked people are finding it so hard to believe. 

First, you’re not in at $ zero. That’s nonsense. You had closing costs. 

Second there isn’t a chance a lender other than a clueless private fool gave the money for the junior 25%. And nobody patting you on the back in this thread is going to disagree with me. 

My point was why are you even posting the details of this transaction. What is to gain?  

Why are you mad? It is a cool deal about creative financing; can I not post about it? Whether you believe it or not, the credit union did indeed loan exactly as I said, and I have nothing to gain from lying. You do realize some credit unions hold their own portfolios? They can adhere to slightly different loan terms because they aren't selling it. Keep worrying about other people; I'm sure it will pay off. Good luck with your investments.

Not mad at all. These terms are not “slightly different” — they no longer exist for most and for good reason. But congrats.

Quote from @Adam DeShone:

Quote from @Tom Gimer:

Yeah we just didn’t tell the bank about the silent 2nd. 

Why people post these “success stories” I don’t get it. What is possibly to gain?

They were fully aware of the note. I’m honestly shocked people are finding it so hard to believe. 

First, you’re not in at $ zero. That’s nonsense. You had closing costs. 

Second there isn’t a chance a lender other than a clueless private fool gave the money for the junior 25% if they were fully informed. And nobody patting you on the back in this thread is going to disagree with me. 

My point was why are you even posting the details of this transaction. What is to gain?  

Yeah we just didn’t tell the bank about the silent 2nd. 

Why people post these “success stories” I don’t get it. What is possibly to gain?

Quote from @Michael S.:

 @Chris Seveney - I can tell you for absolute fact that yes, they do, more than you would expect.   

Can you blame anybody with a working brain? Those stupid dancing videos during COVID; purposefully downplaying HCQ, ivermectin. Incentives for giving the vax and attributing C19 to deaths — dying from vs. dying with. First, do no harm is officially out the window. 

Quote from @Account Closed:

Quote from @V.G Jason:

No one worth their dime operates without legal assistance. Only rookies do, cause once they mature and learn their lesson they know not to. 

There are going to be some pretty rich attorneys in the days to come with the "Subject To" "community" buying over leveraged properties and having no money. 

This is scary to me: Two deals, no money, How does he plan on making the mortgage payments? What if a Due on Sale gets called. All sort of other  . . . . . . blather. I've said it so many times before. Yawn. ;-)

Bigger Pockets Post (Subto Community Student??)

"Will Hard Money Lenders work with buyers on subject-to deals? I ask
because I have two subject-to deals on the vine, one I'm closing next week
and the other shortly after. I don't have enough cash to do both. I was
wondering if bringing in a HML would keep me from using all of my cash."

Click to enlarge

Hmm. Broke former homeowner + broke subto investor. Who is going to pay their attorneys?

@Kris Kempe If you've provided the appropriate docs to title you'll get paid your assignment fee via a line item on the HUD. It just means your end buyer needs to bring $10k more to closing... your fee on top of whatever down payment the seller has agreed to accept.

@Verna Medlin The first thing I would do is order a title search to determine what the land records reflect as to ownership of the property. If there is fraud or forgery in the chain of title that should be apparent. 

Perhaps a family law attorney opens back up the divorce case and pursues the ex to judgment, perhaps a real estate litigator gets involved on a contingency basis or even deferred hourly if he/she can pursue treble damages for fraud, etc.… who knows. But first determine who did what and how. 

Read the purchase agreement. Assignability should be addressed in some way.

It the contract expressly assignable without the seller's consent? Is the buyer identified as XYZ and/or assigns? Or does an assignment expressly require written consent of the seller? Is there language included about "permitted" assigns? Does the contract expressly forbid assignment?

The answer should be in there.