All Forum Posts by: Agnes Fox

Thank you so much for taking the time to respond to my question.I really appreciate it.

Hello everyone,

I am a wholesaler in PA. Just spoke to a title company and the attorney there told me that in PA I am a subject to paying taxes twice. First transfer tax between me and the seller, then the second time between me and a buyer. Even if I am just assigning a contract. He said that the only way to avoid it would be for me to cancel an assignment contract, and create a new contract between the seller and a buyer. When I asked how in this case I get paid he said "I don't know. If you get paid a referral fee then you are a subject to practicing without RE license penalties, even jail time..." Seriously??? So what does it mean??? I can't do assignments in PA? 

Recently I made a contact with someone who has access to Bank Owned properties. However, I am not sure how to approach the subject without making some stupid mistake. I don't want to burn a bridge. 

So before I start a conversation, I am trying to learn as much as I can on the subject. Is there a rule of thumb of how to present an offer to the bank and how much? Some of the houses are over $400k marker value but only $2000 owed to the bank... What should I do?  Is there a form to use to submit the offer? WHo do I talk to at the bank?