All Forum Posts by: Brian Huber

Ok, so we signed the purchase agreement yesterday. I sent him the seller financing paperwork today to sign.  However, even though he agreed to use a title company yesterday, he's now saying he wants to receive the deposit directly.

I KNOW this is a red flag. I insisted we use a title company or the transaction can't move forward. He again refused to use a title company and I said we can't do the deal.

So it went sour quick.  Since no paperwork or money was ever submitted to escrow, do I need to take further action?  I have a purchase agreement signed by both of us.  But given that he breached it by not using a title company as outlined in the contract, do I need to take any further action?

@Jon Gillman 

thanks very much for the reco! Any thoughts on a title company off-hand that you like?

-brian

@Brian Gibbons 

he owns the house free and clear.

@Brian Gibbons and @Michael Quarles 

any insight would be fantastic as well. Thank you!

@Wayne Brooks , he agreed to seller financing with a $900 deposit, terms such as interest and amortization TBD. I felt getting it under contract was the priority and after that, establish terms of finance.

 @Sonia Roberts glad you mentioned the escrow.  The seller was completely fine with opening escrow so I took that as positive. I know there'd be a red flag if he asked for money directly.

thanks all for your input although I'm out of my depth with all the experts talking:-)

My main point was, people seem fine with doing Sub2s, even with the possibility of DOS but with owner financing they recommend that the property is free and clear.

Hi, I contacted a homeowner on Zillow who was trying to rent out their house. I asked if they'd be willing to sell the house and if so, accept seller financing.

Surprisingly, I got a call back from the homeowner.  He said he's willing to do lease to own or seller financing.  I asked what down payment he wanted. He said $900. I asked about terms, he didn't know so I said we can address that later. Also, there seemed to be a bit of a language barrier. I did my best to be clear in my talk with him.

I noticed he bought the house for $80K in 2013. Now he's selling it for $60K. I asked why that is and he said his son has cancer and just needs to unload:-(

I looked up the county records on the property and it's owned by an LLC. I asked him who I should list as the seller and he said he'd fill it in.

So I filled out the contract, left the seller info blank PDF'ed it and email it to him.  I instructed him to complete his info, sign it and PDF it back to me. I'll then give it to the title company with the deposit to open up escrow.

I guess I'm shocked that he wants to move forward so quickly and for below retail. I have clauses in the agreement to cancel it if inspection isn't favorable or the title isn't free and clear.

Is there anything else I should be watching out for in this?  I guess I'm being extra cautious because this was through Zillow and it's my first potential deal. Do I have my butt covered?

I know @Brian Gibbons and @Michael Quarles so any help would be eternally appreciated:-) Thanks!

Hi, can anyone recommend a good title company and property management company in Charlotte?

thanks!

Ok, what kind of EMD should a wholesaler put down?

So as a wholesaler, how much should one put down?  I've heard many podcasts and other wholesalers saying they put little down and even NOTHING.