All Forum Posts by: Grant Kemp

I will look to get some information for you. My answer comes from asking our title company about it though, and we are an office with 4 attorneys in it that specializes in investor transactions. When I asked the title folks your question they both started going off about how double closings were not legal and that too many people do them in Texas anyway. I will certainly look to back this claim up with literature though.

You should know that a double closing is very illegal in texas. Closing the A to B transaction you must have full consideration. There are title companies that will do it...but that doesn't make it any more legal.

The way to get around this, is when you put the house under contract, get it as sold to you "and/or assigns", then assign the contract to C and charge your "assignment fee" of whatever the difference is. This keeps everything above the table and no one has a problem with you making money for finding a deal.

fwiw I also use the espon workforce and love it. Funny to find that's what Jerry Puckett is using as well

I actually had about a 5% response rate from sending out a handwritten envelope, with a regular printed out letter inside (on white paper) but I scanned a handwritten "PS" and placed it at the bottom of my letter (paying close attention to making the blue printed ink look like handwritten ink) and scanned my "signature" and placed it as the signature on the letter.

welcome Dralan! You'll find some great Dallas contacts here on BP. Never hesitate to come looking for answers!

also- again you may want to contact other lawyers to see if someone has dealt with this particular issue. I'll also ask Scott Horne tomorrow.

Friday sounds good Jon!

Okay, so here's what she got back to me with after doing some research and......it's unclear lol. The redbook states that a "sufficient amount of time must pass" and that the property is "abandoned"...but it doesn't clearly outline what defines either term even in the commentary.

So here's the bottom line, contact them, send them a certified mail letter that says "you have 3 (or whatever) days to remove these items from my property before I consider them abandoned and I will dispose of them as I please.". That way you have in writing what your definition of the "abandonment" and "sufficient amount of time" clauses mean. Past that they're fair game. At this point they are trespassing.

I just spoke with one of our attorneys and she's fairly certain that if the home has been vacated, keys turned in, and lease up- those pieces of property are yours. She's looking up to verify that though, and I will update you on what she tells me.

*typical attorney caveat: this advice should not be considered as legal counsel ;-p

Also safe only applies to you if you do 5 or.more transactions in a rolling 12 month period. It's still just a good idea to go ahead and comply regardless

@Steve babiak one option is to use a third party payment processor. The end buyer pays them, then they pay the bank and each other person that's owed money. I always use third party processors for mine.

@k. Marie poe - yes, this is my main strategy at this point. essentially safe act and Dodd frank just dictate that you have to do your due diligence in approving the end buyer. I always run my buyers through an RMLO in order to comply.