All Forum Posts by: Jim Witten

So I just talked to the escrow officer, I guess she just wanted something informal with my info for their system (mailing address, name, payee name, and stating that I will be handling my taxes since they are not asking for a W9).

Im not sure why she calls it a "demand letter", and wanted it written up as a letter. I just made up a 1 pager in word and sent it as a PDF. 

I would think I could of just sent her an email with the basic info she needs. Whatever, strange.

Im completing a wholesale deal, we're in escrow. I'm receiving a set amount of the proceeds. 

The Escrow/Title companies knows the amount I am to be paid. But they are still asking me for a demand letter that includes my payee name, address, and that I will be covering my own taxes.

I tried googling escrow demand letter and payment demand letter samples.... but am getting  letters for "Final notice", "reimbursement for damages", for "default", etc....

'What is a normal escrow demand letter look like? How long and formal does it need to be? Can someone send me a sample?

Thanks

Oh I know you'd be stuck with it if you went the route of "REMOVAL OF CONTINGENCIES WITH OFFER". I just meant I could see how that is enticing to the seller when possible. 

But otherwise, just sticking with the 14.b option of X amount of days, would protect the buyer should they want to back out from new issues discovered. 

Okay, thanks so much. I do see the "REMOVAL OF CONTINGENCIES WITH OFFER" box you are referring to. That certainly would make the offer more enticing to a seller.

I just wanted to make sure that if I as the buyer(just as an example) got into contract and found more issues with the property than I expected, I can legally cancel and walk away within the 14.b listed time frame.

With standard CAR Forms....I'm trying to understand what establishes a buyer contingency on the buyers purchase offer? Is it simply Line 14.b as seen in the screenshot below, that's it?

Do purchase offers always require a CONTINGENCY REMOVAL form to be signed by the buyer after the X amount of days are up in line 14.b?

(California CAR form)

Just located this. Appears REATLOR does have a "SINGLE PARTY COMPENSATION AGREEMENT"

Would this work? 

https://www.car.org/-/media/CAR/Documents/Transaction-Center/PDF/Standard-Forms/December-2018/SP_6-18_Draft7.pdf?la=en&hash=2F534723CF0D21AC54355F8D52DD67BE214E9B1A

I tried searching on BP first. But didn't find anything to my specific question.

There's a real estate agent claiming he has an all-cash buyer for one of my properties. (It is not listed or anything.) He left a pitch-packet with a filled-out Listing Agreement, asking to list the property for 7 days with him so he could show it to the prospective buyer.

I think he's just fishing for a listing and is full of it. 

But if he really does have a buyer, can't he just submit to me a Purchase Agreement contingent on a viewing first? Is there a way for him to make an offer and view it without me signing a listing agreement?

Because I don't see any details about a commission he is owed in the California Realtor Purchase Agreement, so how would I promise him his 5% for example?

Thanks

When a listing expires, the agent provides a list of names they showed the property to. If any of those people later buy the property, the original broker still gets a commission. That's the broker protection clause, right?

Why would seller hiring a different broker invalidate any of that protection to the original broker?

I thought previous listing brokers are protected regardless. That's the whole point to prevent a seller from just swapping listing agents or firing listing agents.

 When an agent shows "SARAH" the property, "Sarah" is now part of that agents list of names. So if "Sarah" later buys the house down the road, the original broker still gets a part of the commission. Because he was the procuring cause right.

Why would seller hiring a different broker invalidate any of that protection to the original broker?

I'll check out their YouTube video. They also have a website with exam prep courses, you didn't buy any of those?