All Forum Posts by: Michelle Kasper

Hi guys, I think he was going to end up closing it A to C because he was pressed for time and didn't want to risk losing the deal.

Scott I agree with you. It seems like after they issue the approval letter they should not be able to change the terms like that.

I have asked several title companies and mortgage brokers if we close A to C and the end buyer is getting conventional financing would it be possible to put a "termination of option" fee on the buyers side of the HUD but noone has been able to answer me. Do you guys have any idea if this would work?

Thanks,
Michelle

My business partner just talked to a friend of his that had this happen today.

I just wanted to give everyone a heads up if you are working with any wells fargo files. Apparently now they are issuing approval letters that Do Not stipulate that you must not resell the property for 30 days but once they approve the final HUD they are attaching an affidavit that everyone (seller, buyer, title agent) must sign stating that the property will not be resold within a 30 day period.

Hope this saves some of you a little bit of a headache.

Michelle

Hi I was just wondering if anybody has had success in negotiating a child support lien down or getting the banks to eat the cost?

Thanks for your help!

Michelle

I am currently investing in short sales and trying to increase the numbers in my pipeline. I am considering signing up with either sales team live or yellow letters complete but I wanted to see if any of you had ever used these companies and what types of results you saw?

Thanks,
Michelle

Hi Joshua, the only information that I have is the link they provided in the email. I think they are supposed to be voting on it March 4th in Austin. My partner lives in San Antonio and he said homevestors is gathering a bunch of people and they plan to go protest this bill.

SB354 in Texas Legislature threatens Preforeclosure Investing

In an effort to curtail so-called "foreclosure consulting", a bill introduced by Texas State Senator Craig Estes in the current legislative session contains provisions that will make it almost impossible for legitimate real estate investors to purchase pre-foreclosure property before the auction.

The bill would clasify anyone who "acquires title to a residence in foreclosure" as an "Equity Purchaser" who would then be deemed a "Foreclosure Consultant", subject to very onerous rules governing the purchase of preforeclosure property.

The most onerous provision would require the use of an Equity Purchase Contract that mandates the total consideration paid to the homeowner be no less that 82% of "fair market value".

You can review this bill and make your thoughts known by visiting www.capitol.state.tx.us, the website of the Texas Legislature.

To review the bill, click the Bill Number radio button at the top of their homepage and enter SB354 in the query field.

To send an e-mail to your state representative or senator, just use the "Who Represents Me?" dialogue box on the right side of their homepage.

Hi Kevin, we pay 10% of our profit or $1000 which ever is higher.

You can also buy it in a trust and assign your beneficial interests to an end buyer

The ideal situation would be to have all of your buyers lined up and then go out and find deals but I would not let this stop you from going out and finding deals. The truth of the matter is if it is a really good deal you can find a buyer within a couple days (sometimes hours). Bandit signs work great for finding buyers once you have a deal under contract.

My suggestion would be to go find some deals and keep working on your buyer's list throughout your real estate career.

Best of Luck

Michelle