All Forum Posts by: Michael V.

Michael V. has started 21 posts and replied 36 times.

Bigger Pockets Community,

Looking for a local investor to JV this property with. Please contact me by phone or e-mail asap if interested.

Thank you

404-620-1116

[email protected]

0 Votes

Advice on where to find a purchase and sale contract that allows assignments?

1 Vote

Hi BP,

I'm coming closer and closer to my next wholesale deal i can taste it. I have attained one appointment from a seller through direct mail which ill be hopefully acquiring afterwards but until that time comes I've been wondering why not call homes directly. Might it be too selfish of myself at a time like preforclosure to call and consult a homeowner about purchasing their home to save them from foreclosure?

Thanks in advance for your time.

3 Votes

Hi BP,

Can someone give me advice on how to find buyers in my area for my upcoming wholesale deals?

1 Vote

Originally posted by @Michael Evans:

Here are the steps:

1. Sign the purchase agreement with the assignment clause in it that allows you to assign the agreement.

2. Have your buyer sign the assignment agreement that specifies the fee they are paying you for taking over your purchase agreement.

3. Present the assignment agreement to the escrow company showing that you have assigned the purchase contract and the fee to be paid by the buyer to you upon the close of escrow.

God Bless You!

Thank you Mr.Evans, this helps a lot. Im curious to know what the steps would be during a double close so that the buyer doesnt see my finders fee.

1 Vote

Hi BP,

Quick question, the assignment agreement will be going to my buyer as my purchase and sell agreement will be going to my seller, correct? Once finished are proceeds taken through title company 'as in' will i tell them how much i want during our discussion before closing or might it be in the assignment or purchase and sell agreement. Not sure if that makes sense but let me know if you need more info to answer this.

Thank you in advance for your time

1 Vote

Originally posted by @Dick Rosen:

If the bank were to agree to a pay off that's less than what's owed, that would be a short sale and you have a lot of work in front of you before that can happen. If the seller is willing to pay the difference then it's not a short sale but it's a little tough to make that happen so that you make a profit that's literally coming out of your sellers pocket. Your target offer to the seller should be at least equal to the payoff or you'll need to work a short sale.

I don't know if that made sense?

Yes it made perfect sense thank you for the advice. I feel as though to lessen the difficulty of my first wholesale i will just offer the amount owed on the home which would still be beneficial to my buyer.

Thank you

1 Vote

HI BP,

I am looking forward to my first wholesale deal soon. My distressed seller wants to get rid of his home but has a hefty balance left on it. Of course i want to make sure i get a good portion from this deal but it seems the only way to do this is to offer the seller less than what he owes on his mortgage. Is it possible to double close on this home at a lower price than what my seller owes as long as the seller is willing to pay the outstanding balance and does that mean the home will be a short sale if he tries to get this approved by the bank? Please clear this confusion BP

Thank you

Michael P.

1 Vote

Hi peter,

My name is Michael. I am a newbie at reo closings via land trusts and could really use some advice when it comes to understanding the stpes of closing via land trusts. could anyone help please?

1 Vote

I have learned through posts that it is quite hard to close a reo property. I have seen information about land trusts but I am not sure how to obtain one, or what their purpose is regarding closing the deal. Could someone please explain in "newbie" terms how to close with land trusts on a reo or short sale property?

Thank you,

Michael Pitt

1 Vote

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All Forum Posts by: Michael V.

Michael V. has started 21 posts and replied 36 times.

Post: WHOLESALE DEAL! 60%ARV Near Huntsville AL (Looking for JV)

Post: Purchase and Sale Contracts

Post: Should i switch from direct mail to contact by phone number?

Post: Advice on how to find buyers in my area?

Post: Last steps in wholesaling...

Post: Last steps in wholesaling...

Post: Double closing with a balance left on the home?

Post: Double closing with a balance left on the home?

Post: Want to use a Land Trust to wholesale an REO but...

Post: Land Trust?