All Forum Posts by: Scott Hinkle

Hello Luke, Welcome to BP. You will learn a bunch here from a lot of great folks...

Hello Cameron and welcome to BP! I wholesale in and around the Flint MI area. Always looking to network with other investors from MI. Just let me know if there is anything I may be of assistance with to you.

Scott

Hello Josh,

Welcome to BP. You will find everything that you need to be successful in your new business right here. Just search and read and all of your questions will be answered. I am a wholesaler here in the Genesee county area. If I can be of help to you please let me know.

Scott

Hi Kyle,

That is correct, your check will be given to you at closing from your end buyers escrow account.

Scott

Hello Kyle,

If your end buyer prefers to use his own title company I would suggest that you stay involved with the closing until the end. I would just treat them as if they were your own tile company and contact them first off to make sure that they are comfortable with doing assignment of contract deals and inform them of your intent with your end buyer. If you have collected part of your fee that should be reflected in the assignment contract. just let them know exactly what you are entitled to as far as funds go at the closing. As far as escrow goes, regardless of if you are closing with your title company or your buyers there funds will have to be deposited and at that time escrow will be opened. Title companies vary on there policy. My title company requests that the buyers funds be there at least 24 hr. before scheduled closing time. Basically, whenever the end buyer wants to deposit his or her funds , then you have escrow opened. Hope this helps you out.

Scott

Hello Kyle

Sorry, I neglected to answer the last part of your post.

When you have executed an assignment contract between you and the end buyer you are not obligated to be present at the closing because all of your obligations and requirements have been passed on to your buyer. I personally attend all closings and stay involved even after the assignment because I just want to make sure everything goes smoothly and according to plan and my buyer don't feel like I loved them and left them LOL.

Scott

Hello Kyle,

When I am assigning a contract over to my end buyer I always get a non- refundable deposit from him or her and that is payed directly to me from the buyer upon signing of the assignment contract. It is usually half of my total assignment fee and I collect the other half at closing. The end buyer deposits all the funds for the transaction into escrow at the title company and at closing the title company gives me a check from for the remainder of my assignment fee. The check will be through the title company and the funds Im receiving are from the end buyers money that was deposited into the escrow account. Hope that helps you out.

Scott

Hi Brian,

Yes there are two separate parcel, One being the house itself and the other being an adjacent lot with a garage on it. The house is in the sellers name and the lot is in her deceased parents name. She said the lot is in probate but did not mention if the house was in probate. She has agreed to sell both parcels together to me for 7000K. The probate attorney is drawing up papers for us to sign but mentioned doing the closing at there office for this transaction?
I have spoken to my title agent and she has informed me that the paperwork that I spoke about would have me down as the Buyer of the properties in which I will not be due to the fact that I intend on flipping this deal to one of my buyers.

I am assuming that they think that I will be showing up with the cash to close this transaction in there office. This would hinder my plan for a quick flip wholesale deal. I am considering moving on and it is a shame because it mainly is my lack of experience with probate properties and this could be a pretty profitable deal for me.

Scott

Thank You Mark,

Thanks to all the great advice i am slowly learning more an more about these probate deals.

Thanks Jerry, I appreciate all of your valuable information and will apply it as I continue moving forward with this deal.

Scott