All Forum Posts by: David Rey

this is clause was included with agreement for a loan:

The Borrower is required to pay a refundable fee $2,600 for the loan acquisition cost which
involves all direct and indirect expenses incurred before funds disbursement will commence through
wire transfer.

is this normal?

Quote from @David Ramirez:

Hey  @David Rey, When using the regular FAR BAR contract, you must send the earnest money deposit (EMD) within three days of the contract being executed. If you assign the contract before those three days are up, you can use the buyer's EMD. If you have a different contract that doesn't specify when you need to send the EMD, you can wait until you receive the EMD from your end buyer. In either case, the EMD will eventually be returned to you. To ensure you don't lose money if the cash buyer backs out, make sure the EMD from your end buyer is greater than the EMD you promised to the seller. That way, if the cash buyer does back out, you get to keep the difference. Good luck! Reach out for further explanation.

My conditions specify that end deliverable after 10 day inspection which told a real estate on the desk to write into. The contract. I was curious about is if I have $500 emf with my seller and $1000 with my cash buyer aren’t short if I use $500 from the cash buyers towards the contract with seller 

Quote from @Lydia R.:

Heres the thing, there are people who will say contract is valid without EMD and so you use your end buyers emd as your own emd. Personally I disagree with this. I always put down my own EMD with a contract and then have my buyer put down EMD when they sign my assignment agreement. Its too messy to try and get EMD from a buyer to then use it as EMD for your own contract. Just negotiate a reasonable amount of EMD between you and the seller and there should be no reason why you cant provide it.

 can you elaborate on messy?

29926 fort cady rd, newberry springs, ca

3/1  1267 sg ft

i offered $88k they countering at $100k as is value $162

is this to tight?

how does this work. my understanding is you need to give earnest money for purchase and sale and then get one from your cashbuyer. but people say you can deposit that as your emd but doesn't mean there isn't for the assaignment agreement.

how does this work if you 2 contracts like say 1 with a $1000 emd and the cashbuyer $2500 emd if he gives the emd doesn't only count as 1 being delivered? 

according to the calculator I would have to offer less than 50%. I don't uderstand where the project costs comes from. MAO Being $188k the seller would have to come down from $355k. how did it get to $188k?

Is the wholesale calculator good for double closings? Or which Calc can I use?

thanks Mark

Hi

I am in apple valley, ca doing deals all over so cal

Do you have an investor friendly title company/attorney recommendation for the san bernadino/ LA county counties areas in California and maybe others of california. I'm looking for someone familiar with:

• Double Escrows
• Assignments
• Wraps (sub 2's, Contract for Deed)

Thank you in advance.