All Forum Posts by: Zachary Helfer

Has anyone had to actually use their escape clause while wholesaling? I am curious to hear stories if anybody is humble enough to share. Obviously this is a last resort and can tarnish the reputation of the individual, business and industry, but I have never heard anecdotal evidence of their use.

Edit: Didn't properly tag you.

@Brent Coombs, I was under the impression that B couldn't sign as a seller on a purchase agreement unless they already held title. Assignment contracts, sure, because you're only promising something you truly have (equitable interest) while the standard purchase agreement is for the property itself. Having an effective date on B to C that is before the A to B closing concerns me.

I also read that people write a contingency in their B to C contract that specifies that A to B must close. I was worried that this is incriminating language because it explicitly states  that you are marketing a properrty that you do not own. 

Thanks again for your time. 

Everything I read about double closing simply tells readers to sign two sets of purchase agreements. Obviously you should, but I can't seem to find an example of what the B to C contract looks like. Since you can't use the generic purchase agreement for this as you could for the A to B side, I am curious as to how others have handled this. On top of this, having the A to B closing contingency seems like it sets you up for trouble in Ohio. Secondarily, any feedback about using this standard contract https://development.ohio.gov/cleanohio/GreenSpaceC.. would be greatly appreciated. Thank you. 

My research about Ohio leads me to believe that wholesalers are in the crosshairs of the law, but can still take steps to legally protect themselves. Unfortunately those steps involve borderline dishonesty about intention, which could explain the Craigslist situation. 

I have used Craigslist for many many things, and I quickly realized Craigslist is full of fixer-uppers and people seeking cash buyers for their real estate. But it almost seems like the fruit hangs TOO low. Why don't I hear about people wholesaling these properties? I know investors can see these just as easily, so shouldn't there be some sort of first-to-the-finish race to tie up these "easy" finds?

Thanks for the advice, I will look into that!

I have been researching a property and found some interesting information on Zillow. I know that it is screaming SOMEthing odd is going on, but I am too inexperienced to tell what's going on.

Seller is currently asking 23k off-market. Zestimate is 75,630 and realtor.com estimates it at 53,100. Public pricing record shows it listed at 55k on 8/17/09 then removed on 3/23/11. It then says 7/29/14 sold for 6,400. A link to a public record from the county auditor is listed there.

I have been trying to decipher the acronyms and jargon under the sales information and notes sections to piece together the full story. Does anyone know what these sections mean, namely the two grantors both on the same date (double close?) , the Sale: P, Not Probable PR, and any of those notes? Hopefully posting this link is in good taste, I am just trying to learn and not necessarily monetize this information. http://fiscalweb.summitoh.net/clt/refintg2.opt?LIE...  

Thank you very much for your time!