All Forum Posts by: Tom Gimer

@Joseph Hernandez Actually I have seen and heard every reason over the past 20+ years. You need to be prepared to force the sale and double close if your seller balks. There is no such thing as a seller being able to "cancel" a deal if your contracts are solid and you know what you're doing.

Expecting the title company to participate in deceptive games should be the exception, not the rule. We have wholesalers trying to hide $3k assignment fees. That's just nonsense.

This can be done... it's called a seller-side HUD.

It's a request we get fairly often and I quite frankly don't understand it. If you're doing business transparently, the seller should know and understand that as a wholesaler you're in business to make a profit. Either you're providing a valuable service (fast close, no repairs, etc.) that you should be proud of or you're not. 

If you're that embarrassed then double close. Oh you don't want to spend the money to do so? I'm shocked.

These same folks redact the purchase price from the PSA and in their assignment agreement don't refer to an assignment fee but rather the "total purchase price"... leaving the end buyer to find out the actual deal at closing.

It's this kind of shady BS that does give solid wholesalers a bad name.

@Account Closed You mean the ol' "subject to partner's approval" contingency?

I've seen contracts where making the earnest money deposit is subject to partner's approval. Oops! Never got his/her approval! Sorry!

Sit on the judgment. Renew it before it expires. Wait patiently for the tenant to buy real estate, then record the judgment in the county where the property is located in order to obtain your lien -- the balance of which has been accruing interest nicely in the interim.

Anything else is a waste of resources.

I would fire my attorney immediately and quite frankly would not pay for such terrible advice. Like @Jay Hinrichs said, nobody who understands how these things work and can do simple math would have pursued foreclosure under these circumstances.

Sounds like transferring record title from the estate to heir/heirs which should have occurred would have subjected the property to immediate attachment (and may have regardless of the inaction).

This problem scenario cannot and should not be solved in an online forum.

Inexperienced wholesalers have terrible close rates and as a title company you can sink a ton of $ and energy into deals going nowhere if you're not careful. So @Bruce Lynn I agree those numbers are possible.

With experienced wholesalers the deal will close 95%+ of the time when the seller can deliver marketable title. It's rare for pros to get the numbers wrong.

Real Lenders don’t ask borrowers how many points to charge them.

Real Lenders rely upon title commitment / CPL to send loan proceeds to a title company. 

I would run before every dollar is drained from my account.

@Russell Brazil Almost spot on except I think the figure is 15,000 vacants... and we're not talking about vacant as in ready for tenants! Vacant as in blighted, abandoned, condemned, infested, etc.

Mobile homes are personal property like vehicles... they have titles. You need to figure out who the lienholder is (it should be listed on the title -- if no title is in hand you'll need to order a duplicate from the DMV/MVA) then obtain a copy of the lien release. Sometimes a confirmation of payoff on the lienholder's letterhead will suffice to enable you to obtain a clear title.