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All Forum Posts by: David Sirmons

David Sirmons has started 20 posts and replied 35 times.

Post: Legal to have end buyer of REO (not me) submit the binder?

David SirmonsPosted
  • Real Estate Investor
  • Gainesville
  • Posts 47
  • Votes 2

So no-one has any thoughts on this?

Post: REO dbl close/Quit claim deed and payment.

David SirmonsPosted
  • Real Estate Investor
  • Gainesville
  • Posts 47
  • Votes 2

Thanks to everyone for the advice on this.

Land trust - not interested, since they are increasingly becoming red flagged.

Double close - my second choice, after quit claim approach.

I have another question already on the forum, about whether or not it's acceptable for my buyer to put down the requisit 1000 dollars for an REO contract, through me. Please if anyone knows how to defer the 1k cost for each, please let me know.

Post: Legal to have end buyer of REO (not me) submit the binder?

David SirmonsPosted
  • Real Estate Investor
  • Gainesville
  • Posts 47
  • Votes 2

Just wondering if this would work...

1. I have end buyers with cash lined up who want REO from 30k-250k.

2. My part is that of the investor, finding deals, getting them locked up with a buyer contract, then either quitclaiming or double closing to end buyers.

3. I want to know if it's legal and possible to have them put up the binder deposit so that if they're interested in a range of houses, but only want to buy 1 at a time, their binder deposit can be used if my offer on 1 of the houses is accepted.

So in a nutshell, is it legal to ask my buyers for the binder deposit, then for me to submit that binder with my offers, so that when one of my offers is accepted, their binder money is used.

Post: Dept. of Veteran Affairs and investors...

David SirmonsPosted
  • Real Estate Investor
  • Gainesville
  • Posts 47
  • Votes 2

Can anyone tell me what implications exist for a REO that is owned by the Dept of Vet. Affairs regarding investor flipping?

Post: REO dbl close/Quit claim deed and payment.

David SirmonsPosted
  • Real Estate Investor
  • Gainesville
  • Posts 47
  • Votes 2

Scott, thanks for the continued insight.

I have several interested parties, one of whom is drop-dead serious and intends to close asap. A P&S btwn the C buyer and I is requisite, yes, but I'm not certain of the quitclaim deed process, regarding where the profit is written or if it is at all in this quitclaim process. As is obvious, I've never gone this route, and I'd like to avoid double closing costs.

A higher P&S for the 'C' buyer, in conjunction with my lower 'A' P&S will be the profit margin. I just need to know if there's anything on the quitclaim that should state this difference.

p.s. - I accepted your colleague request.

p.p.s. - And probably disregard most of my mouthiness in my colleague reply.

p.p.p.s. - I've just seen too many people that bought reo and try to pawn it off to unsuspecting people at too high a price.

Post: REO dbl close/Quit claim deed and payment.

David SirmonsPosted
  • Real Estate Investor
  • Gainesville
  • Posts 47
  • Votes 2

Scott,

Thanks for dropping by! Glad to hear something on here besides crickets!
I was contacted today by a serious RE mover that was referred to me bytrusted friends, so yes, I do have a highly interested buyer.

Post: REO dbl close/Quit claim deed and payment.

David SirmonsPosted
  • Real Estate Investor
  • Gainesville
  • Posts 47
  • Votes 2

Wow. No replies. Either my synopsis above is unclear, or no-one knows how this is done. Anyone? The self-professed 'reo rockstar' claims this approach to closing on REO deals works about half the time, with double closes taking up the other half.

Post: REO dbl close/Quit claim deed and payment.

David SirmonsPosted
  • Real Estate Investor
  • Gainesville
  • Posts 47
  • Votes 2

There's a chance I may be able to avoid using a trans funding company for wholesaling an REO I have a contract on. I was looking at having to do a double close, with trans funding for A to B, which will eat into the profit. However, if I go the route of adding a 2nd buyer, then sign a quit claim deed, I need to know where or how I secure the profit for the higher buying price on the B to C side.

If you have experience with this, please let me know.

Post: Preventing REO sneak...

David SirmonsPosted
  • Real Estate Investor
  • Gainesville
  • Posts 47
  • Votes 2

Now that I've gotten a lock on an REO, what's to keep someone from discovering it's listed with a RE agency, then submitting an offer of 1k over my price and basically stealing a deal from me?
Any way to do the 'Affidavit and Memorandum of Agreement' on these?

Post: Title company required for buyer on REO flip?

David SirmonsPosted
  • Real Estate Investor
  • Gainesville
  • Posts 47
  • Votes 2

I just had my offer accepted on an REO. In the addendums, there is a contract cover form that outlines several areas of interest. One area is about 'Buyer's attorney or title company.'

Do I as the 'A' buyer have to get title services for my part of the A to B transaction? I didn't think I had to.